Technical outlook and chart setups:
The GBP/CHF pair has stopped us out at 1.5000, and is trading above 1.5100 levels at the moment. Please note that the pair has bounced off the fibonacci 0.786 support of the rally between 1.4950 and 1.5350/60 levels. High probability still remains of an extended rally towards 1.5520/30 levels. Aggressive trade setups would be to go on initiating long positions with risk below 1.4950, while a conservative approach would be to remain flat for now. Immediate support is seen at 1.4950 and lower while resistance is seen at 1.5250, followed by 1.5350/60, 1.5450/75 and higher up.
Trading recommendations:
Remain flat for now. Agressive setup is to initiate long positions, stop at 1.4950, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
