Technical outlook and chart setups:
The GBP/CHF pair looks to have bottomed out for now around the 1.4950/60 levels as seen here. The pair is trading at 1.5020/30 levels for now and is expected to push higher in the sessions to come. Minimum upside extensions could be the 1.5300 level, which is support turned resistance as depicted by an arrow here. Please note that if prices break above 1.5450 levels, it would be a confirmation that bulls are back in control and higher highs are expected. On the flip side, a bearish reaction around 1.5300, could indicate that the bearish move could extend below 1.4950 levels. It is recommended to remain long, with risk below 1.4950 in anticipation of at least a pullback rally.
Trading recommendations:
Remain long, stop at 1.4910, the target is open for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
