Technical outlook and chart setups:
The GBP/CHF pair rose through its range resistance around 1.4900 as seen here. A break above 1.4900 would easily push the pair towards 1.5100 levels. Please note that 1.5100 is the fibonacci 0.618 resistance to a drop from 1.5410 to 1.4600 levels respectively. Furthermore, the trend-line support turned resistance is also around the levels of 1.5100/30 . It is hence recommended to initiate fresh short positions around 1.5100 with risk at 1.5350. Immediate support is seen at 1.4750 followed by 1.4600 and lower while resistance is seen at 1.4900 (interim) followed by 1.5100, 1.5350/1.5400, and higher respectively.
Flat for now, look to sell higher (1.5100).
The material has been provided by InstaForex Company – www.instaforex.com