Technical outlook and chart setups:
The GBP/CHF pair dropped to 1.4760 levels and bounced off the fibonacci 0.50 support of the rally between 1.4656 and 1.4870 levels. It was recommended to initiate long positions around 1.4730 levels, however, the pair turned earlier. One could remain flat for now and look for another dip to go long. The immediate upside is seen at 1.5000 and 1.5150 respectively. Bulls are poised to remain in control until prices stay above 1.4656 levels. Immediate support is seen at 1.4656, followed by 1.4580, 1.4412, and lower while resistance is seen at 1.5000, followed by 1.5150 and higher respectively.
Trading recommendations:
Remain flat for now. Look to initiate long positions at 1.4730, stop at 1.4650
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
