Technical outlook and chart setups:
The GBP/CHF pair seems to be running out of steam at the handle of 1.4370/80 since it has backed off twice, as seen here on the hourly chart view. It is recommended to exit long positions at current market price around the levels of 1.4300 and either remain flat or initiate short positions (aggressive trade setup) with risk above the levels of 1.4415. A drop below 1.4275 levels would be the first indication of a deeper correction lower and a break below the levels of 1.4200 (trend line) support would confirm the same. Immediate support is seen at 1.4275 followed by 1.4100, 1.4000 and lower, while resistance is seen at the handle of 1.4400 and higher, respectively. Bears could be poised to regain control for the time being.
Trading recommendations:
Exit long positions. Aggressive traders could initiate 50% short positions. Stop is at 1.4420, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
