Technical outlook and chart setups:
The GBP/CHF pair has dropped lower, breaking initial support at 1.5150 level and also its immediate line of support. It is possible that the pair dips further lower to 1.5000 levels, which is also the fibonacci 0.618 support of the rally between 1.4750 and 1.5400 levels respectively. It is hence recommended to remain flat for now. Immediate resistance is seen around 1.5350 levels, followed by 1.5400 and higher, while support is seen at 1.5050 levels, followed by 1.4950, 1.4750 and lower respectively. Please note that an intermediate support trend line is passing through 1.4900 levels.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com