Technical outlook and chart setups:
The GBP/CHF pair reverses from 1.5310/20 levels, defined as resistance (fibonacci 0.618) as depicted here on the 4H chart view. A follow through is required through the 1.5200 break, to confirm and accelerate further downside. Please note that the pair has turned back from confluence of past support turned resistance and fibonacci 0.618 at 1.5320 levels. Resistance is seen at 1.5420/50 levels, followed by 1.5550, while support is seen at 1.5200 levels, followed by 1.4975 and lower respectively. It is recommended to remain short here, risk remains above 1.5450 at least. On the flip side now, a push through 1.5350 levels could delay matters 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
