Technical outlook and chart setups:
The GBP/CHF pair has dropped lower as discussed and expected yesterday. The pair is testing the levels of 1.4200 and is preparing to bounce back (resume rally) on the hourly time frame. It is hence recommended again to initiate long positions at the current levels (1.4230) with risk around 1.4180. Bulls may be poised to take control from here on and push prices higher towards at least 1.4600. Immediate support is seen at 1.4200/1.4190 followed by 1.4000 and lower, while resistance is seen at 1.4400 (interim) followed by 1.4630, 1.4800 and higher, respectively.
Trading recommendations:
Initiate long positions now (1.4230). Stop is at 1.4170/80, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
