Technical outlook and chart setups:
The GBP/CHF pair finally breaks below the 1.5300 mark as it has been discussed earlier. The pair is testing lows at the 1.5200 levels for now. Support is seen at the 1.5120 levels, followed by 1.4975 and lower while resistance is seen at 1.5450/75, followed by the 1.5550 levels respectively. It is recommended to book partial profits on short positions and also reduce risk to break even levels. A break below 1.5200 now, would see 1.5050 levels soon enough. On the flip side, a break above 1.5400/50 levels from here, would confirm that a low is in place and that bulls are back in control.
Trading recommendations:
Book 50% profits on short positions, and move stop to break even levels. The target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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