Technical outlook and chart setups:
The GBP/CHF pair test estimated resistance around 1.5360/80 and backs off. High probability direction from here, is a break below the 1.5300 levels. Resistance is seen at 1.5475, followed by 1.5550 for several days, while support is seen at 1.5300 (interim), followed by 1.5210/20, 1.5125, 1.4975 and lower respectively. It is still recommended to remain short, with risk above the 1.5550 levels. A break below 1.5300 now would accelerate downside, since the event would be considered as a falling wedge breakout. Bears are expected to remain in control till prices remain below 1.5450 levels in general.
Trading recommendations:
Remain short, stop at 1.5560, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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