Technical outlook and chart setups:
The GBP/CHF pair had risen into 1.5380 levels before pulling back towards 1.5350 levels. The pair is either poised to rally further from current levels or probably drop into the 1.5200 levels and then resume its rally. In either scenario, it is recommended to hold long positions for now and also look to add further if prices reach the 1.5200 levels. Risk remains at 1.5150 for now. Please also note that 1.5200 is the fibonacci 0.618 support of the rally from 1.5000 to 1.5525, and hence more significant for a bullish turnaround. Immediate support now is at 1.5250 (interim), followed by 1.5200 and lower, while resistance is seen at 1.5400 levels followed by 1.5520 respectively.
Trading recommendations:
Remain long for now. The stop is at 1.5150, and the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
