Technical outlook and chart setups:
The GBP/CHF pair is trading at 1.4749 levels at the moment and is expected to face resistance. Please note that the pair has been rising since hitting lows at 1.1800 levels on January 15, 2015 and has retraced up to fibonacci 78.6%. It is recommended to initiate 50% short positions with risk above 1.4791 levels. Immediate support is seen at 1.4630, followed by 1.4400, 1.4250 and lower while resistance is seen at 1.4760 levels (interim), followed by 1.5150 and 1.5550 respectively. Bears are expected to regain control at the current levels. A push below 1.4630 would be confirmed and accelerate.
Trading recommendations:
Initiate 50% short positions, stop 1.4810, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
