Technical outlook and chart setups:
The GBP/CHF pair is pulling back and looking to form base again at 1.5130/40 levels. The pair is expected to push higher towards 1.5250/70 levels before a meaningful pullback can take place. It is recommended to remain long for now and also look to add fresh long positions, risk is at 1.5000 levels. Support is seen at 1.5025, followed by 1.4950 and lower while resistance is seen at 1.5300, followed by 1.5450, and 1.5550 respectively. Bulls are possibly looking to push higher into 1.5300 at least. Please note that 1.53 is past support turned resistance and a reaction could be expected there.
Remain long, stop at 1.5000 or break even, the target is between 1.5270/1.53.
The material has been provided by InstaForex Company – www.instaforex.com