Technical outlook and chart setups:
The GBP/CHF pair has been pushed above th elevel of 1.5100 as expected, preparing to clear fibonacci extension at 1.5200 before producing a meaningful retracement. The pair had tested the support of 1.4950 yesterday before rallying higher again. It is recommended to book some profits and move risk towards 1.4950 for now. Immediate support is seen at 1.4950 on the H4 chart, followed by 1.4775, 1.4575, 1.4450/75, and lower. Resistance is seen at 1.5200 (interim), followed by 1.5400 and higher respectively.
Book some profits on long positions and exit all at 1.5200, move stop at 1.4950.
The material has been provided by InstaForex Company – www.instaforex.com