Technical outlook and chart setups:
The GBP/CHF pair is consolidating within the range between 1.2600 and 1.3400 respectively. The hourly chart depicted here shows the cone shaped consolidation after bouncing off 1.2600 levels earlier. Immediate support is seen at 1.2900, followed by 1.2800, 1.2600 and lower while resistance is seen at 1.3400 levels followed by 1.3800 respectively. It is recommended to remain long from yesterday, risk remains at 1.2850 levels. After such a huge price action seen last week in a single trading session, such consolidation phase was expected and it could continue for a while before the pair breaks out.
Trading recommendations:
Remain long for now, stop at 1.2850, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
