The GBP/CHF printed a daily Pin Bar on the very solid support level of 1.4500 in yesterday's trading. The level was the key level from October 2011 through April of 2012 when it finally managed to break away from the zone's gravitational pull and began its ascent to the 2012 high of 1.5479. Now the pair has returned to the top of the zone, and will probably reject lower prices on the first attempt. There is very little in the form of resistance above yesterday's high except some minor resistance at 1.4570, which is probably why the pair was able to free fall over 200 pips in 3 days after the support level at 1.4685 gave way (a challenge that took 3 tries over December-January). After breaking such a zone, price often returns to the 'scene of the crime' so to speak and I expect that is what will happen over the next several days. A break above 1.4685 will bring further resistance into play at 1.4790 and 1.4875 while a close below yesterday's low of 1.4476 will not face much challenge until 1.4389 and 1.4312 are approached.
Happy Trading!