Technical outlook and chart setups:
The GBP/CHF pair rallied to 1.5435 levels and is pulling back on the 4H chart view seen here. Please note that the pair has hit fibonacci 0.786 resistance (of the fall between 1.5550 to 1.4975), and a bearish reversal confirmation here would resume its 3rd wave on the lower side. The counter trend line is passing through 1.5200/50 levels for now, and a break there would accelerate downfall. Resistance is seen at 1.5450 and 1.5550, while support is seen at 1.5225, followed by 1.5100, 1.4975 and lower respectively. It is recommended to remain short, risk remains above 1.4550 and also look to add fresh positions at current levels. Bears are expected to regain control till prices stay below 1.5550.
Trading recommendations:
Remain short, set stop at 1.5550, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
