Technical outlook and chart setups:
The GBP/CHF pair reversed after printing intraday highs at 1.5338/40 yesterday. Please make a note that the pair is stalling at a fibonacci 0.618 resistance around 1.5320/30 (of the drop from 1.5555 to 1.4975). A bearish reversal could be expected at current levels, and the pair could possibly resume its next downswing extension below 1.4975 levels. Support on the daily chart view here is at 1.4950, followed by 1.4700/50 while resistance is seen at 1.5450, followed by 1.5555 respectively. It is recommended to remain short for now and also look to add further.
Trading recommendations:
Remain short. set stop above 1.5450, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
