Technical outlook and chart setups:
The GBP/CHF pair reversed from sub 1.5450 levels yesterday, after producing an evening star candlestick pattern on the 4H chart. Also please note that the fibonacci 0.786 resistance was also passing through the same region. A follow through is required now, below 1.5300 levels (counter trend line could break there), which could trigger further downside. Resistance is seen at 1.5470/80, followed by 1.5550 while support is seen at 1.5280/1.5300, followed by 1.5200, 1.4975 and lower respectively. It is recommended to remain short and also look to add further positions at current levels, risk remains at 1.5550. Bears could remain in control till prices remain below 1.5550.
Trading recommendations:
Remain short, set stop above 1.5550, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
