Technical outlook and chart setups:
The GBP/CHF pair was pushed higher towards the resistance at 1.4600/50. Since the pair had bounced off the fibonacci 0.618 support around 1.4150 earlier, the uptrend remains intact and the probability of hitting higher highs remains. Bulls are expected to remain in control until prices stay above the level of 1.4150 as seen here. It is recommended to exit short positions and remain flat for now. Rather buying on dips ahead of 1.4150 levels should be favored. Immediate support is seen at 1.4450/00 followed by 1.4250, 1.4150, and lower. Resistance is seen at 1.4650 followed by 1.4700 and higher respectively.
Exit short positions, remain flat for now.
The material has been provided by InstaForex Company – www.instaforex.com