Technical outlook and chart setups:
1. The GBP/CHF pair has hit major resistance levels at 1.4960/70 lately, as seen here. The pair should potentially resume a meaningful pullback from current levels towards mid 1.4600's now. Recommendations are to remain flat for now and wait for the pullback to complete before a bullish reversal takes place.
2. Support is seen at 1.4780, followed by 1.4630, 1.4550/1.4450 and lower, while resistance is seen at 1.5120 respectively.
3. The structure indicates that GBP/CHF might potentially give a meaningful retracement from current levels before resuming the rally. Please also note that a fall below 1.4600 levels would be extremely bearish for the pair and would continue to drift further.
Trade recommendations:
Remain flat for now. Aggressive setup would be to initiate short positions, stop above 1.5100, target is 1.4660/50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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