Technical outlook and chart setups:
The GBP/CHF pair seems to be reversing from the level of 1.5430 just ahead of the fibonacci 0.382 support seen at the territory around 1.5360. Please note that the pair has reached a low at 1.5380 today and reversed higher. It is recommended to initiate around 50% of long positions now, and the remaining around 1.5360 if prices manage to reach there. Immediate support is seen at 1.5250 followed by 1.5000 and lower while resistance is seen at 1.5570 and higher. Please also note that the trend-line support is passing closely, hence bulls can remain in control until prices hold the trend-line support.
Trading recommendations:
Initiate 50% long positions remaining at 1.5350, stop is at 1.5250, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com