Technical outlook and chart setups:
The GBP/CHF pair has hit the first expected extension at 1.5520 levels before pulling back today. Please note that prices are testing a support trend line and 1.5400/10 is also the resistance turned support region. A bullish bounce here would be encouraging for bulls and the next price target would be 1.5620 levels as depicted here. It is recommended to remain long for now risk remains at 1.5300. Immediate support is seen at 1.5320 levels, followed by 1.5250, 1.5100 and lower while resistance is at 1.5520 (interim) respectively. Bulls are expected to bounce back at the trend line support, only a break below could delay matters further.
Trading recommendations:
Remain long for now, stop at 1.5300, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
