Technical outlook and chart setups:
1. The GBP/CHF has pulled back from recent swing lows of 1.4350/1.4400 to 1.4700/20 recently. Please note that it is at the 0.618 retracement of the entire downswing from 1.4950 to 1.4350/1.4400. It is recommended to remain short for now, risk remains at 1.4950.
2. The resistance is at 1.4950 for now, while support intermediary will be provided by 1.4350, followed by 1.4200 and 1.4 respectively.
3. The entire structure indicates that the major resistance has been hit at 1.4950, and prices should continue to move in a lower high-lower low structure from here on.
Trading recommendations:
Hold on to short positions, set stop at 1.4950, target is at 1.41 and 1.40.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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