Technical outlook and chart setups:
The GBP/CHF pair has rallied into 1.5180 levels after forming base around 1.5075 levels yesterday. The pair is finding difficult to push through the 1.5225 interim resistance. Hence recommendations are to book profits on long positions taken earlier. An aggressive trade setup would be to initiate short positions at current market at 1.5170/75, with risk at 1.5250 levels. Immediate resistance is seen at 1.5220 levels (interim), followed by 1.5300, 1.5450/75 and 1.5550 while support is seen at 1.5075 (interim), followed by 1.5000, 1.4950 and lower respectively. Bears could possibly regain control on a failure to break above 1.5220/30 levels here.
Trading recommendations:
Book profits on long positions at 1.5170/80. Initiate short positions, stop 1.5250/60, the target is open. (aggressive trade setup).
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
