Technical outlook and chart setups:
1. The GBP/CHF pair takes out stops at 1.5140/50 levels and prints fresh highs close to 1.5300 levels as seen here. The pair has shifted into bullish zone for now and recommendations are to buy on dips. 1.5100/1.5080 level is resistance turned support for now and fresh long positions can be taken there.
2. Support is seen at 1.5100 (resistance turned support), followed by 1.4900, 1.4780, 1.4650 and lower while resistance is seen at 1.5300 and 1.5450 respectively.
3. The structure indicates that GBP/CHF needs to break below 1.4950/1.4900 at least to confirm that bears are back in control.
Trading recommendations:
Flat for now. Looking to go long.
Good luck!
