Technical outlook and chart setups:
The GBP/CHF pair has hit resistance ahead of the levels of 1.4700, as seen here, and is pulling back. An aggressive trade setup would be to initiate 50% short positions with risk at 1.4730 for now. Immediate support is seen at the levels of 1.4500 followed by 1.4300 and lower, while resistance is seen at 1.4700/50 and higher. A break below 1.4500 would signal the break of an uptrend which began from the levels of 1.1800 levels last month and also indicate that a deeper correction is due at lower levels. Only a push again above the levels of 1.4700 levels would delay matters for a correction.
Trading recommendations:
Aggressive trade setup is to initiate short positions. Stop is at 1.4730, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
