Technical outlook and chart setups:
The aggressive short trade setups at 1.5350 levels have worked out well in GBP/CHF yesterday.The pair has reacted at a fibonacci convergence at 1.5350/60 levels and subsequently dropped below 1.5200 levels as seen here. It is recommended to remain short if positions were taken yesterday, risk remains just above 1.5360. Fresh short positions could be added at current market or during intraday rallies. The fall is expected to accelerate once its rising counter trend line support is broken around 1.5150 levels. Immediate support is seen at 1.5070, followed by 1.5000, 1.4950 and lower while resistance is seen at 1.5450, followed by 1.5550 respectively.
Trading recommendations:
Remain short (if positions taken yesterday), stop at 1.5400, target is open. Fresh short positions could be taken on intraday rallies.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
