Technical outlook and chart setups:
The GBP/CHF pair has bounced off support at 1.4900 today, producing a bullish engulfing candlestick pattern on the H4 chart. The pair might be on its way to test at least 1.5350 on the higher side. It is hence recommended to remain long from yesterday, with risk moved just below 1.4900. Immediate support is seen at 1.4900 followed by 1.4700/50, 1.4600, and lower, while resistance is seen at 1.5100 (interim) followed by 1.5350, 1.5400/10, and higher.
Remain long for now with stop at 1.4800, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com