Technical outlook and chart setups:
1. The GBP/CHF pair has staged a counter trend rally, as discussed and expected, into the sub 1.4900 region. As seen here, the fibonacci 0.618 resistance is at 1.4960, which could be the next point of reversal. It is recommended to remain short and add further on rallies. Risk remains at 1.5150.
2. Immediate resistance is at 1.5120/30, while supports are spread through 1.4550, followed by 1.4350. 1.4200 and lower.
3. The entire structure is turning bearish for now (1.5120/30 levels should hold). The downside extensions are pointing towards 1.44 and 1.4 respectively.
Trading recommendations:
Hold on to short positions and add further on rallies. Stop is at 1.5150, target is at 1.4.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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