Technical outlook and chart setups:
The GBP/CHF pair seems to be retracing for now and is trading at the levels of 1.4515. As depicted here, the Fibonacci support begins at the levels of 1.4467, while 1.4391 (fibonacci 0.618) remains the best buy opportunity. It is recommended to remain flat for now and look to enter buying at lower levels. Candlestick support is seen at 1.4260/70 followed by 1.4100, 1.4000, while resistance is seen at the levels of 1.4650 levels followed by 1.4750 and higher, respectively. Please note that a break below the trend line and subsequently 1.4270 could indicate a deeper correction.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
