Technical outlook and chart setups:
The GBP/CHF pair is seen to have taken support from its 50 day moving average passing around 1.5150 levels as depicted here. Resistance still remains just ahead of 1.5350 levels, but the uptrend remains intact for now. It is therefore recommended to exit any short positions taken earlier and initiate long positions for now with risk at 1.5100 levels. Immediate interim support is seen at 1.5150 levels, followed by 1.5050, 1.4950 and lower while resistance is seen at 1.5350 and higher respectively. Bulls are expected to remain in control till prices stay above 1.4950 levels.
Remain long for now, stop at 1.5100, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com