Technical analysis of GBP/CHF for June 29, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.4750 at the moment looking for an opportunity to produce a meaningful retracement lower. Minimum downside expectation is limited with the level of 1.4550, while there is still the potential for a drop to the level of 1.4400 before the pair could resume its rally. It is therefore recommended to remain flat and look to initiate long positions at lower levels. Immediate support is seen at 1.4650 followed by 1.4500, 1.4400, and lower. Resistance is seen at 1.4750 followed by 1.4800 and higher respectively.

Trading recommendations:

Remain flat for now, look to buy lower.

Good luck!

The material has been provided by InstaForex Company –