Technical outlook and chart setups:
The GBP/CHF pair has pulled back from resistance at 1.5450 levels, as discussed earlier. Furthermore, the pair has broken below the counter trend line support as seen here. Currently trading at the 1.5340/45 levels, the pair is expected to face resistance around 1.5375/80 levels. Higher resistance is seen at 1.5450, followed by 1.5550 while support is seen at 1.5200, followed by 1.5125, 1.4975 and lower respectively. It is still recommended to remain short and expect the pair to drift further lower. On the flip side, a rally back towards 1.5450 and above would turn maters in favor of bulls.
Trading recommendations:
Remain short, stop at 1.5550, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
