Technical outlook and chart setups:
The GBP/CHF pair has turned higher remaining just shy of 1.4975 levels. The pair could either be in a broader consolidation range until it confirms by breaking below 1.4975 levels. An aggressive trade setup here could be to initiate long positions, risk is at 1.4970. Support is seen at 1.4975, while resistance is at 1.5300 levels respectively. A more conservative trading approach could be to remain flat for now and look to sell on rallies into 1.5300 levels. Bears should remain broadly in control till the time prices remain below 1.5450/75 at least. A break below 1.4975 could further accelerate the fall.
Trading recommendations:
Remain flat for now. Look to sell rallies into 1.5300.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
