Technical outlook and chart setups:
The GBP/CHF pair is seen to be pausing at 1.5000 levels for now. Please, note that the pair had reversed from the 1.5430 level earlier and also formed a lower top at the 1.5250/75 levels on September 02, 2014. The fibonacci extensions are pointing lower towards the 1.4800 level at least for now. Intraday rallies could be used as potential to enter short positions. Immediate support is at the 1.4950/60 levels, followed by 1.4760/70 and lower while resistance is seen at the 1.5250/75 levels, followed by 1.5350 and 1.5430/50 respectively. Bears should remain in control till 1.5350 remains intact. Please, also note that the current fall can be defined only as correction before the rally between 1.4450 and 1.5430 levels. Look lower for now.
Trading recommendations:
Remain short, stop at 1.4350, the target is at 1.4800.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
