Technical outlook and chart setups:
The GBP/CHF pair is trading around 1.4340 now after hitting lows at 1.4250 yesterday. It looks like bulls are poised to rally towards at least 1.4600 before correcting further lower. It is hence recommended to initiate long positions now with risk at 1.4200. Immediate support is seen at the level of 1.4250 (interim) followed by 1.4150, 1.3900, and lower. Resistance is seen at 1.4650 followed by 1.4700 and higher respectively. Please note that prices have bounced off the fibonacci 50% retracement of the rally between 1.3800 and 1.4650 broadly.
Initiate long positions now, stop is at 1.4200, a target is 1.4600\
The material has been provided by InstaForex Company – www.instaforex.com