Technical outlook and chart setups:
The GBP/CHF pair pushed lower into the 1.5000 levels yesterday as expected and discussed, and as seen on the daily chart view here. The pair pulled off the lows and closed around 1.5060 levels, but bearish pressure should remain for a while and intraday rallies should be considered as fresh short opportunities. The 1.5050 mark should now be acting as intermediary resistance. Bears seem to remain under control at least till 1.4800 levels as depicted here, which is fibonacci extension level of the down swing from 1.5430 levels through 1.5050 earlier. The pair, at the moment is still said to be retracing the entire rally from 1.4450 levels through 1.5430 levels as seen here. Immediate support is seen at 1.4960, followed by 1.4760, while resistance is at 1.4250/75, followed by 1.5430 respectively.
Trading recommendations:
Remain short, stop above 1.5300, target 1.4800.
Good luck!
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