Technical outlook and chart setups:
The GBP/CHF pair is approaching its Fibonacci 0.618 resistance of the drop from the 1.4900/50 to 1.4550/60 levels. Besides, the 50-day moving average seems to be passing through the 1.4750 levels, which could provide resistance. The pair should remain in control of bears until prices stay below the 1.4950 levels at least. It is hence recommended to remain flat for now and look to short around the 1.4775 levels with risk at 1.4950. Immediate support is seen at 1.4550 (interim), followed by 1.4400 and lower, while resistance is seen at the 1.4800 levels (interim), followed by the 1.4900/50 levels and higher.
Trading recommendations:
Remain flat for now and look to go short around 1.4775.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com