Technical outlook and chart setups:
The GBP/CHF pair dropped towards 1.5150 levels before pulling back sharply yesterday. The pair is currently trading at 1.5210/20 levels and it is recommended to exit short positions and remain flat for a while. Please note that the pair remains well supported by the rising trend line around 1.5175 levels. Furthermore, past resistance turned support zone and fibonacci support levels are seen to be passing through the same levels. A bullish follow through now, could bring back bulls into action and the pair might be headed towards 1.5450 levels at least. Immediate support is at 1.5075 levels while resistance is seen at 1.5350 (interim), followed by 1.5450 respectively.
Trading recommendations:
Exit short positions at market and remain flat. Aggressive trade setup would be to initiate long positions, stop at 1.5100, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
