Technical outlook and chart setups:
The GBP/CHF extends its drop below 1.5100 levels for now, and just about to break below the line of support as depicted here. A confirm break below the trend line and subsequently 1.4970 levels, would indicate that a top is in place and that rallies could be sold. It is recommended to remain flat for now and wait for a reaction at current levels. Support is seen at 1.4970, followed by 1.4750 and lower while resistance is seen at 1.5450 and 1.5550 respectively. The 1.5400 levels could be resistance for subsequent rallies from here on.
Trading recommendations:
Remain flat for now. Aggressive trade setup could be to initiate long positions for a counter trend rally, stop at 1.4940, target is at 1.5400.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
