Technical outlook and chart setups:
The GBP/CHF pair took out initial resistance at 1.4930 yesterday as it was expected. The pair should pull back lower towards the level of 1.4700, which is also Fibonacci 0.618 support of a rally from 1.4550 to 1.5000/10 respectively. Furthermore, the resistance trend line also acts as support now. It is hence recommended to wait for a dip towards the levels around 1.4700, before initiating long positions again. Immediate support is seen at 1.4700 followed by 1.4630, 1.4550, and lower, while resistance is seen at 1.5100 followed by 1.5350 and higher.
Trading recommendations:
Remain flat and look for an opportunity to buy around 1.4700.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com