Technical outlook and chart setups:
The GBP/CHF pair rallied through the level of 1.4450 yesterday before pulling back lower.The pair has taken out initial resistance at 1.4450/60 as seen here. A pullback can be expected before thepair resumes its rally towards fresh highs. Buy on dips from here on until prices remain above 1.4150. It is hence recommended to book profits on long positions taken earlier and look to buy towards 1.4250/1.4300 again. Immediate support is seen at 1.4250(interim) followed by 1.4150 levels, 1.4000, and lower while resistance is seen at 1.4650 followed by 1.4700/10 and higher.
Trading recommendations:
Book profits for now, stop is at 1.4050, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com