Technical outlook and chart setups:
The GBP/CHF pair was pushed through 1.4835 yesterday. taking stops out and reversing sharply lower. The pair is seen to be trading around 1.4710/15 at the moment. As we discussed earlier, the pair has potential to rally higher through at least 1.5000, but it needs to produce a meaningful retracement before resuming its rally. It is recommended to remain flat for now and wait for a confirmed trading setup before committing trades. Immediate support is seen at 1.4500 followed by 1.4400, 1.4250, and lower. Resistance is seen at 1.4830 and higher.
Remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com