Technical outlook and chart setups:
The GBP/CHF pair has taken out initial resistance at 1.4920 earlier and is now setting up for the 1.5120 levels as seen here. Please note that the pair is now in the buy zone of its downtrend line coming from the 1.5400/10 levels. A push through the 1.5120 levels could trigger a meaningful retracement lower towards the 1.4700 levels. It is hence recommended to initiate fresh long positions on a dip/retracement lower. Immediate support is seen at the 1.4700 levels, followed by 1,4650, 1.4550 and lower, while resistance is seen at the 1.5120 levels, followed by 1.5350 and higher.
Initiate fresh long positions on the pullback towards the 1.4700 levels.
The material has been provided by InstaForex Company – www.instaforex.com