Technical outlook and chart setups:
The GBP/CHF pair has hit fresh high at the level of 1.5200 yesterday before pulling back sharply. As seen here on the the 4H chart, the pair is bouncing off intermediary support trend line passing through the 1.4900/25 level at the moment. A bullish bounce here could attempt to push prices beyond the 1.5200 level and hence it is recommended to initiate 50% long positions with risk around 1.4750. Immediate support is seen at 1.4760 followed by 1.4650, 1.4600, and lower, while resistance is seen at 1.5200 (interim) followed by 1.5500 respectively.
Trading recommendations:
Initiate 50% long positions here, stop at 1.4750, target above 1.5200.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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