Technical outlook and chart setups:
The GBP/CHF pair is still trading around the levels of 1.4960/70. Please note that channel support is passing through 1.4800 and bulls are expected to remain in control until prices stay above channel support. Moreover, the pair is testing its 50 day moving average around current levels as well. It is recommended to initiate 50% long positions now and remaine around the channel support with risk at 1.4600. Immediate support is seen at 1.4900 (interim) followed by 1.4700, 1.4600, and lower while resistance is seen at 1.5100 followed by 1.5350, 1.5400/10, and higher respectively.
Initiate 50% long positions now and stay at 1.4800 with stop at 1.4600, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com