Technical outlook and chart setups:
The GBP/CHF pair tested 1.5225 resistance before pulling back. A push through 1.5230/50 would trigger further rally to the 1.5300/50 region. On the flip side, a failure could bring prices lower to at least 1.5100 levels if not lower. It is recommended to remain short from yesterday, with risk at 1.5250 for now. Immediate resistance is at 1.5230 (interim), followed by 1.5300,1.5450/75 and 1.5550 while support is seen at 1.5150, followed by 1.5070, 1.5000, 1.4950 and lower respectively. The pair seems to remain in control of bears till prices remain below 1.5250 levels from here. Furthermore, if 1.5070/75 is broken, the pair could drop further towards 1.5000 and lower.
Trading recommendations:
Remain short, stop at 1.5250, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
