Technical outlook and chart setups:
1. The GBP/CHF pair is seen to be bouncing lower from the line of resistance here. As expected, the pair has reversed from 1.5250/75 levels last week and has also re-tested the same. Currently trading at 1.5100/10 levels, the pair is expected to continue drifting lower to the 1.4900 and subsequently to 1.4800 levels. On the flip side, only a push above 1.5350 levels would be of concern to bears.
2. Support is seen at 1.4960, followed by 1.4760 levels and lower while resistance is seen at 1.5350/60, followed by 1.5430/50 respectively.
3. The structure indicates that GBP/CHF could remain in control of bears till 1.49/1.48 levels at least.
Trading recommendations:
Remain short for now, stop at 1.5350, target is 1.4800 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
