Technical outlook and chart setups:
The GBP/CHF pair is seen to be bouncing off its immediate support zone around 1.4250/80 levels. As depicted on the hourly chart view, a short term rally could be expected if prices remain above the level of 1.4250 . Immediate resistance is seen at 1.4400/50. It is hence recommended to book profits on short positions taken earlier and initiate long positions now with risk at 1.4200. The pair could raise through the level of 1.4400/50 from here and a break above 1.4450 could be a bullish breakout confirmation.
Trading recommendations:
Book profits on short positions and initiate long positions with stop at 1.4200. A target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
