Technical outlook and chart setups:
The GBP/CHF pair has stalled around 1.4550 and pulls back lower now. The pair might be looking to retrace before resuming its rally. Please note that the pair has stalled around fibonacci 0.618 resistance level dropping from 1.4650 to 1.4150. An aggressive trade setup could initiate 50% short positions now, with risk around 1.4650 and a target at 1.4250 or lower. Immediate support is seen at 1.4400 followed by 1.4250, 1.4150, 1.4000, and lower. Resistance is seen at 1.4650 followed by 1.4700/10 and higher respectively.
Trading recommendations:
Initiate 50% short positions, stop is at 1.4650, a target is at least at 1.4250.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com