Technical outlook and chart setups:
1. The GBP/CHF pair has hit the first fibonacci extension at 1.5070 levels as depicted here. The pair could stage a pullback rally from the current levels. The 1.5250/1.5300 region should provide enough resistance now.
2. Support is seen at 1.4950, followed by 1.4760/70 and lower, while resistance is seen at 1.5350, followed by 1.5430/50 respectively.
3. The structure indicates that GBP/CHF counter trend rally could materialize at least up to 1.5300/50 levels.
Trading recommendations:
Exit short positions, enter long positions, stop at 1.5050, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
