Technical outlook and chart setups:
1. The GBP/CHF pair has raised through the 1.4950 levels today in the opening hours and pulled back sharply. The pair stopped us out at 1.4960. Still, recommendations are to look for a top and reversal from current levels. The pair is expected to retrace towards 1.4600/50 levels from current levels.
2. Support is at 1.4750/60 followed by 1.4630/50, 1.4550, 1.4450 and lower, while resistance is at 1.4975/80, followed by 1.5120 respectively.
3. The structure indicates that the pair has completed its rally that begun from 1.4450 levels earlier. It could potentially fall back in a corrective manner towards the 1.4600/50 levels before rallying further.
Look to enter short positions again, risk is at 1.5120, target is open. More conservative approach would be to remain flat for now, and look to buy lower.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.