Technical outlook and chart setups:
The GBP/CHF pair is trading in the sell zone of the immediate support line, having dropped to 1.5150 levels earlier. The pair is seen to be trading around fibonacci 0.618 resistance, (1.5300/50), of the drop from 1.5400 to 1.5150 respectively. It is recommended to initiate 50% short positions around 1.5350 levels, with risk at 1.5450 for now. Immediate support is seen at 1.5150 levels (interim), followed by 1.5050, 1.4950 and lower while resistance is seen at 1.5400/50 levels and higher respectively. Bears are expected to remain in control till prices remain below 1.5400 broadly.
Trading recommendations:
Sell around 1.5350, stop at 1.5450, targets are 1.4950 and 1.4750.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com