Technical outlook and chart setups:
The GBP/CHF pair has risen through initial resistance at 1.3950 levels now. Please also note that the pair has broken above its line of resistance as depicted on the daily chart view. Intraday dips are possible, but the pair should continue its bullish momentum at least through 1.4250 levels. Please note that it is the first fibonacci resistance level of the entire drop from 1.5560 through 1.3400 levels respectively. It is hence recommended to initiate long positions on intraday dips to 1.4250 levels. Immediate resistance is seen at 1.4250 levels, while support is at 1.3700 levels respectively. Bulls should remain poised to push through 1.4250 levels before retracing lower.
Trading recommendations:
Remain 50% long now, stop at 1.3650, target is 1.4250 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com