Technical analysis of GBP/CHF for July 29, 2015

Technical outlook and chart setups:

The GBP/CHF pair seems to be setting up for a push towards 1.5200 and subsequently towards 1.5400. Intraday pullbacks are possible and could be considered as opportunities to go long. Bulls should remain in control until prices stay above 1.4800. It is hence recommended to hold/initiate fresh long positions, with risk at 1.4800 for now. Immediate support is seen on the H4 chart view around 1.4960 followed by 1.4800, 1.4550, 1.4450, and lower, while resistance is seen at the level of 1.5200 followed by 1.5400 (fibonacci extensions) and higher respectively.

Trading recommendations:

Buying dips is a safe strategy, stop is at 1.4800.

Good luck!

The material has been provided by InstaForex Company –