Technical outlook and chart setups:
The GBP/CHF pair bounced off 1.5120/30 levels yesterday and hit fresh highs at 1.5220/30 before pulling back. The pair is seen to be trading at 1.5180/85 for now and is expected to inch higher towards 1.5270/1.5300 levels from here. Support is seen at 1.5120, followed by 1.5020, 1.4975 and lower while resistance is seen at 1.5300 (past support), 1.5450, 1.5475, and 1.5550 respectively. It is recommended to still hold long positions with risk around 1.5000. Please also note that fibonacci 0.618 resistance is around 1.5250/60, and the pair is expected to react there. However, a push through 1.5300 should see bulls in further control and targeting 1.5450/75 levels.
Remain long, stop at 1.5000, the target is open.
The material has been provided by InstaForex Company – www.instaforex.com