Technical outlook and chart setups:
The GBP/CHF pair has rallied through 1.5500 levels as discussed and expected earlier. Please note that the pair's value could come in at 1.5620 levels before a meaningful retracement can be expected. Immediate support is seen at 1.5320/25, followed by 1.5250, 1.5000 and lower while resistance is seen at 1.5550/60 levels respectively. It is safe to hold long positions taken earlier. Risk remains at 1.5300 levels for now. Looking into the 4H structure depicted here, the bulls are poised to push prices through 1.5520 and subsequently through 1.5620 levels. Only a break below 1.5300 levels would delay matters further.
Trading recommendations:
Remain long, lock in profits at 1.5300, target 1.5520 and 1.5620.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
