Technical outlook and chart setups:
The GBP/CHF pair has bounced off an intermediary trend line support around 1.4600 as seen here on the hourly chart setup. The pair is trading above 1.4700 for now and could be looking to push higher towards 1.4895 and 1.4980 levels respectively. Only a break below 1.4600 levels would indicate that a top is in place at 1.4760/70 levels and a deeper correction has begun. At the moment, it is recommended to initiate long positions with stop below 1.4600 levels. Immediate support is seen at 1.4600 levels (interim), followed by 1.4400 and lower while resistance is seen at 1.4760/70 interim), followed by 1.4890 and higher respectively.
Trading recommendations:
Initiate long positions, stop at 1.4550, a target 1.4970.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
