Technical outlook and chart setups:
The GBP/CHF pair is trading at 1.4160/65 levels for now and is looking to stage a rally from here, after having formed a bottom around 1.4070 levels yesterday. This could either be a counter trend rally or an extension above 1.4700 levels. It is recommended to initiate long positions now, with risk below 1.4070 levels. Immediate support is seen at 1.4070, followed by 1.3850 and lower while resistance is seen at 1.4350, followed by 1.4500, 1.4700 and higher respectively. Bulls are poised to remain in control till prices stay above 1.4070 levels.
Initiate fresh long positions, stop at 1.4060, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com