Technical outlook and chart setups:
The GBP/CHF pair has pulled back to the 1.5470 region after printing lows at 1.5370 last week. The pair is stalling at resistance now, and should continue falling to fresh lows at 1.5200 levels in the coming trading sessions. Please note that the fibonacci 0.618 support of the rally from 1.4975 to 1.5550 levels is also around 1.5200 levels. Furthermore , the past resistance turned support is also seen around the same region. Looking into all the above facts, it is recommended to remain short for now, risk remains at 1.5560 at least. A more conservative trading approach could be to look for a drop to 1.5200 and turn bullish. Major support is seen at 1.4975 and bulls should remain in control till prices stay above it.
Trading recommendations:
Remain short, stop above 1.5560, target 1.5200.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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