Technical outlook and chart setups:
1. The GBP/CHF pair has retraced a bit lower into the 1.5150 level as seen here. The pair is still expected to push higher into the 1.5250 level before pulling back/reversing. It is recommended to initiate short positions a bit higher towards the sloping trend line resistance.
2. Support is seen at 1.4950, followed by 1.4780 and lower, while resistance is seen at 1.5250, followed by 1.5350 and 1.5430/50 respectively.
3. The structure indicates that the GBP/CHF pair could rally into the 1.5250 levels before heading lower towards fresh lows.
Trading recommendations:
Remain flat for now. Look to sell at 1.5250 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
