Technical outlook and chart setups:
1. The GBP/CHF pair has tested 1.5070/80 resistance levels now and is expected to resume down swing towards the 1.4700 region. A push below 1.4975 would accelerate the downside, as expected. Recommendations are to remain short for now, risk remains at 1.5140 levels.
2. The immediate support is seen at 1.4900, followed by 1.4780, 1.4650, 1.4550 and lower while resistance is seen at 1.5140/50 respectively.
3. The structure indicates that GBP/CHF need to correct before resuming rally further up. Expected level is around 1.4700 for now.
Trading recommendations:
Remain short, stop at 1.5140/50, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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