Technical outlook and chart setups:
The GBP/CHF pair is trading around the levels of 1.4550/60 at the moment and is expected to resume its rally from the level of 1.4400. As seen here, the support trendline and fibonacci 0.618 support level is passing through the same region (1.4400/30). It is hence recommended to initiate fresh long positions around 1.4400/30 with risk at 1.4250. Immediate support is seen at the level of 1.4400 followed by 1.4250 and lower while resistance is seen around 1.4725 followed by 1.4830 and higher respectively. Bulls should be poised to push the pair through fresh swing highs around 1.4400/30.
Initiate long positions around 1.4400/30 levels, stop is at 1.4250, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com