Technical outlook and chart setups:
The GBP/CHF pair has raised through 1.5200 levels as seen here. It is recommended to book partial profits and move stop/risk to break even points. Please note that the pair has hit fibonacci 0.50 resistance for now, and could retrace lower from here. Resistance is seen at 1.5300, past support turned resistance, followed by 1.5450, 1,5475, 1.5550 while support is seen at 1.5150 (interim), followed by 1.5025, 1.4950 and lower respectively. A push higher could easily see through 1.5300 levels which is fibonacci 0.618 resistance level of the drop from 1.5450 to 1.4950.
Trading recommendations:
Book at least partial (up to 60%) profits on long positions taken earlier and move stop at break even. The target is 1.5300 for remaining long positions.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
