Technical outlook and chart setups:
1. The GBP/CHF pair remains just shy of 1.4850 levels after yesterdays' rally. Recommendations are to exit long positions for now and look to enter lower on a bounce. It remains possible that the pair may reverse lower before rallying further up towards 1.4850 and 1.4950 respectively. As seen here, the fibonacci 0.618 support is at 1.4606, which could be the next level to go long.
2. Support is a 1.4600 (intermediary), followed by 1.4450, 1.4350, 1.4200 and lower, while resistance is at 1.4850 (intermediary), followed by 1.4950/60 and 1.5120 respectively.
3. The entire structure indicates that GBP/CHF could reverse lower from here, if bulls fail to take out 1.4850/60 levels.
Trading recommendations:
Exit long positions taken.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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