Technical outlook and chart setups:
The GBP/CHF pair is still seen within the overall range as seen here at 1.3070 levels. Though it looks as if the pair is breaking lower, it is recommended to hold long positions and look for adding further at these levels. Immediate support is intact at 1.2900, followed by 1.2800, 1.2600 and lower while resistance is seen at 1.33, followed by 1.3400 and 1.3800 respectively. The pair would be breaking out above 1.3400 levels, and it is expected to rally through 1.4100 levels at least, which is Fibonacci 0.618 resistance of the entire drop from 1.5550 to 1.1800 as depicted here. On the flip side, a break below 1.2900 levels would prove to be bearish.
Trading recommendations:
Remain long for now, stop at 1.2850, target at 1.4150.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
