Technical outlook and chart setups:
The GBP/CHF pair bounced from 1.4750 last week and rallied through the levels of 1.4950 before testing the lows again. Also please note that interim rising trend line and Fibonacci 0.618 support were also found around the same levels. It is hence recommended to initiate long positions with risk at 1.4600 now. Immediate support is seen at 1.4700, followed by 1.4600 and lower while resistance is seen at 1.4950 (interim), followed by 1.5100, 1.5350, 1.5400/10, and higher. Bulls are expected to remain in control until prices remain broadly above 1.4700.
Trading recommendations:
Initiate long positions with stop at 1.4600, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com