Technical outlook and chart setups:
1. The GBP/CHF pair has reached the 1.5250 mark as discussed and expected earlier. Please note that this 1.5250 is also the fibonacci 0.618 resistance os the entire fall from 1.5450 to 1.5050. It is recommended to remain short and also initiate further short positions now, risk remains above 1.5450.
2. Support is seen at 1.4970/80, followed by 1.4750/60 and lower while resistance is seen at 1.5350 and 1.5450 respectively.
3. The structure indicates that GBP/CHF pair shall remain bearish till prices are below 1.5430/50 levels.
Trading recommendations:
Remain short, stop above 1.5450, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
