Technical outlook and chart setups:
The GBP/CHF pair is trading around the level of 1.4900 at the moment, after reaching lows at 1.4875 in early hours today. As we can see here, the pair has hit its first expected fibonacci extension level for now, and a pullback could be possible. It is recommended to book profits on short positions taken earlier and remain flat for now. Immediate support is seen at 1.4850 followed by 1.4750, 1.4560, and lower, while resistance is seen at 1.5025 followed by 1.5100 and higher respectively. Please note that the pair could still drop to 1.4800 before resuming rally.
Book profits on short positions taken earlier, and remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com