Technical outlook and chart setups:
The GBP/CHF pair is stalling between 1.4350 and 1.4400 after having the level at 1.4400 tested twice earlier. At the moment, the pair is seen to be producing an engulfing bearish candlestick pattern on the 4H chart view and is likely to drop lower. It is hence recommended to hold short positions with risk above 1.4450. Immediate support is seen at 1.4270 followed by 1.4110, 1.4000, 1.3850, and lower while resistance is seen at 1.4630 followed by 1.4800, 1.4950, and higher respectively. Bears should be poised to remain in control util prices stay below the level of 1.4450.
Trading recommendations:
Remain short for now, stop at 1.4490, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
