Technical analysis of GBP/CHF for August 31, 2015

Technical outlook and chart setups:

The GBP/CHF pair seems to have formed interim lows around 1.4600/1.4550 for now. The pair is expected to rally through at least 1.5050/1.5100 from here on, if not higher. It remains quite possible that formation of the next bullish leg could be resumed now. It is hence recommended to initiate long positions with risk around 1.4500. Immediate support is seen at the level of 1.4600 (interim) followed by 1.4550, 1.4450, and lower, while resistance is seen at 1.5350, followed by 1.5400/10 and higher respectively.

Trading recommendations:

Initiate fresh long positions now, stop is at 1.4500, a target is open.

Good luck!

The material has been provided by InstaForex Company –