Technical outlook and chart setups:
The GBP/CHF pair rallied through the line of resistance up to the 1.5400 levels last week, as seen here. The pair has pulled back and it is testing the back side of the resistance turned support trend line at 1.5330/40 levels for now. Immediate support is seen at 1.5330 (interim), followed by 1.5070, 1.5000 and lower while resistance is seen at 1.5450/75, followed by 1.5550 respectively. It is recommended to hold remaining long positions and move risk to break even. It is possible for the pair to pull back before rallying further high towards 1.5450 levels.
Remain long for now, stop at break even, target is open.
The material has been provided by InstaForex Company – www.instaforex.com