1. The GBP/CHF pair is bouncing off the fibonacci 0.50 support levels around 1.5250 levels, as seen here. Please, note that the past resistance turned to support is around the same levels. Recommendations are to initiate long positions, risk remains just below 1.5240.
2. Support is seen at 1.5150, followed by 1.4950, 1.4780 and lower while resistance is seen at 1.5350/60 levels respectively.
3. The structure indicates that GBP/CHF pair may manage to push higher up from 1.5250 levels. Only a break below 1.5150 is a concern.
Trading recommendations:
Initiate longs, stop below 1.5240, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. The GBP/CHF pair is bouncing off the fibonacci 0.50 support levels around 1.5250 levels, as seen here. Please, note that the past resistance turned to support is around the same levels. Recommendations are to initiate long positions, risk remains just below 1.5240.
2. Support is seen at 1.5150, followed by 1.4950, 1.4780 and lower while resistance is seen at 1.5350/60 levels respectively.
3. The structure indicates that GBP/CHF pair may manage to push higher up from 1.5250 levels. Only a break below 1.5150 is a concern.
Trading recommendations:
Initiate longs, stop below 1.5240, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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