Technical outlook and chart setups:
The GBP/CHF is seen to be stalling around 1.5230 levels after bouncing higher from 1.4970 levels earlier. Please note that the pair bounced off the 0.382 fibonacci support (of the rally between 1.4450 and 1.5430) at 1.4970 levels. It is expected to continue drifting lower towards the 0.618 fibonacci support around 1.4800/30 levels in the coming sessions. However, prices should remain below 1.5300 levels for bears to remain in control. It is recommended to remain short for now. On the flip side, if the pair breaks above sloping resistance line and 1.5300 subsequently, bulls would regain control back.
Trading recommendations:
Remain short for now, stop above 1.5300, target 1.4850.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
