Technical outlook and chart setups:
The GBP/CHF pair has been trading in a 150 pip range between 1.5100 and 1.5250 since a few sessions. The pair has broken below the immediate line of support, and since then has been drifting sideways. Higher probability remains that the pair breaks higher into 1.5450 levels before a meaningful retracement could occur. On the flip side, if 1.5075 breaks, the pair could drift lower towards 1.4950 and even lower. Bulls could remain in control till prices are above 1.5075 levels. Immediate support is seen around 1.5075, followed by 1.4950 and lower while resistance is seen around 1.5350/60, followed by 1.5450 and higher respectively.
Trading recommendations:
Remain long, stop at 1.5000, the target remains open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
