Technical outlook and chart setups:
The GBP/CHF pair has dropped below 1.4700 levels recently before pulling back. The fall from 1.5400/10 levels might be complete or at least a counter rally is expected higher from here on. Please note that the pair has formed a bullish morning star candlestick pattern as well. It is hence recommended to initiate long positions with risk at 1.4550 levels for now. Immediate support is seen at 1.4550 levels (interim), followed by 1.4450, 1.4380 and lower while resistance is seen at 1.5050 levels, followed by 1.5150, 1.5350 and higher respectively.
Initiate long positions now, stop at 1.4550, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com