Technical outlook and chart setups:
The GBP/CHF is stalling around 1.5400 levels, just ahead of resistance at 1.5450 levels for now. The pair could be carving out a lower top, and preparing to drift lower into 1.5230 levels before rallying again. Please also note that 1.5230 is fibonacci 0.618 support of the rally between 1.5093 and 1.5450 as seen here. Furthermore, it is also converging with the past resistance turned support region, depicted here as 1.5220/30. An aggressive trade strategy would warrant a short position now, with risk above 1.5450 while a conservative way would be to remain flat for now and wait for prices to come towards 1.5230 levels before turning long. Chart support is seen at 1.5090, followed by 1.4975 and lower, while resistance is seen at 1.5450 respectively.
Trading recommendations:
Remain flat for now and look to enter around 1.5230 OR Initiate short positions, stop above 1.5450 target is 1.5230/40.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
