Technical outlook and chart setups:
The GBP/CHF pair dropped lower from sub-levels of 1.4800 yesterday. Please note that the pair dropped from fibonacci 0.618 resistance zone where the recent drop from 1.4900/30 to 1.4550 took place. Bears might remain in control until prices stay below the levels of 1.4900/30. It is hence recommended to remain short for now with risk at the levels of 1.4950. Immediate support is seen at 1.4620 followed by 1.4550 and lower, while resistance is seen at 1.4900/30 followed by 1.5100 and higher.
Trading recommendations:
Remain short with stop at 1.4950, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com