Technical outlook and chart setups:
The GBP/CHF pair is seen to be facing resistance at 1.5470/75 levels for now. The pair had made lows at 1.5400 levels yesterday before pulling back higher. A push below 1.5375, would be required to see further lows being printed towards 1.5200 levels. Please note that the current drop is corrective (counter-trend) in nature and 1.5200 levels is a good place to initiate long positions towards the over all bull trend. Major support on 4H chart is seen at 1.4975 while resistance is at 1.5550 respectively. It is recommended to remain short till prices remain below 1.5550 for now.
Trading recommendations:
Remain short, stop at 1.5560, target is at 1.5200.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
