Technical outlook and chart setups:
The GBP/CHF pair has raised through the 1.5200 level after printing lows at the 1.4970 levels as seen on the daily chart view here. This rally was as expected and should be considered as an opportunity to build short positions. Please, note that immediate support is at the 1.4950/60 levels while resistance is at 1.5300, followed by 1.5430 levels for now. The pair could remain under influence of bears till prices are below 1.5300 levels. Also the dropping resistance line is passing just above the current price levels. It is recommended to remain short for now and consider intraday rallies as opportunities to initiate further short positions.
Trading recommendations:
Remain short, stop above 1.5300, target is 1.4800.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
