Technical outlook and chart setups:
The GPB/CHF pair dropped to 1.4900 earlier and is trading at 1.4960/70 now. Please note that a 50-day moving average line is passing through the same territory. Also note that prices have bounced back from 1.4900, which was resistance. It is hence recommended to take profits on short positions from the levels of 1.5100 earlier, and remain flat now. Immediate support is seen at 1.4700, followed by 1.4600/50 and lower, while resistance is seen at 1.5100 followed by 1.5350/1.5400 and higher respectively.
Book profits on short positions taken earlier and remain flat.
The material has been provided by InstaForex Company – www.instaforex.com