Technical outlook and chart setups:
The GBP/CHF pair had reversed sharply from 1.5350/60 levels last week. The pair had retraced towards 1.5325 and is trading around 1.5250 levels for the moment. It is recommended to initiate short positions, with risk above 1.5400 levels. Immediate support is seen at 1.5175 (interim), followed by 1.5075, 1.4950 and lower while resistance is seen at 1.5350/60 (interim), followed by 1.5450/75 and 1.5550 respectively. Bears are expected to remain in control till prices remain below 1.5450/75 levels. A break below the trend line support and subsequently below 1.5175 would accelerate downside further.
Trading recommendations:
Remain short, stop above 1.5450, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
