Technical outlook and chart setups:
The GBP/CHF is retracing for now, after printing highs at 1.5450 levels last week. The entire structure indicates that the GBP/CHF pair is potentially moving towards 1.5800 levels, and hence buying on dips remain a recommended trading strategy for now. Immediate support is at the 1.4975 levels, followed by 1.4750 and lower, while resistance is at 1.55 and 1.58 (fibonacci), respectively. A dip towards 1.5200 again could be considered as potential long entry again. Only a break below 1.4975, and subsequently, 1.4800 (support trend line), should be a concern to the bullish setup.
Trading recommendations:
Remain flat for now and look to buy on dips towards 1.5200 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
