Technical outlook and chart setups:
The GBP/CHF pair dropped towards 1.4950/60 levels yesterday. Now it looks like the drop is almost over, and the pair should look up to bulls to reach higher highs and higher lows from here. One last drop to 1.4930 is still possible before the rally will resume. It is hence recommended to initiate 50% long positions now and the remaining 50% at 1.4930 with risk at 1.4800. Immediate support is seen at the level of 1.4930, while resistance is seen at 1.5320. Bulls are expected to regain control soon.
Initiate 50% long positions now and the remaining at 1.4930 with stop at 1.4800, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com