FX.co ★ GbpChf Struggling To Break Past 1.5250

Technical Outlook and Chart Setups:

At the moment, the single currency pair seems to be struggling to clear 1.5230/50 levels. Immediate support is fixed at 1.5150 level. The backside of short-term trend line is providing resistance as it comes naturally and the currency would take some more time to break through it. A more conservative trading approach at this moment would be to take profits off long positions and wait for a clear break through to re-enter. Strong support would be at the 1.5 level, also defined by 0.618 Fibonacci retracement level. Broadly, prices stay between 1.5150 and 1.5250 for a while before breaking out.

Trading Recommendations:

Conservative approach would be to take profit from long positions taken earlier and wait to re-enter on a dip or breakout above 1.5250.

Aggressive approach would be to move stop-loss to 1.5 or breakeven points and hold on to long positions.

Good Luck!