Technical outlook and chart setups:
The GBP/CHF pair has slightly exceeded the projected levels. The pair is trading at the level of 1.5255 now after bouncing off its fibonacci 0.786 resistance level around 1.5279. Please note that bears are poised to take control until 1.5350 remains intact. Now it is hence recommended to remain short with risk at 1.5380. Immediate resistance is seen at 1.5350 followed by 1.5400/10 and higher, while support is seen at 1.5000 followed by 1.4950 and lower. If the above count holds, a downside extension is expected towards at least 1.4850.
Trading recommendations:
Remain short, stop is at 1.5380, a target is at 1.4850.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com