Technical outlook and chart setups:
The GBP/CHF pair is stalling around the handle of 1.4100/4200, as seen here. This region is also marked by the Fibonacci 0.618 resistance of the drop from 1.5500 to 1.1800. Bears could possibly regain control from here if the handle of 1.4200 remains intact. An aggressive trade setup could be to initiate 50% short positions now (1.4090/4100) with risk above 1.4200. The resistance is seen at 1.4190 (interim) followed by 1.4300, 1.4700 and higher, while the support is seen at 1.4000 followed by 1.3850 and lower, respectively. A drop below 1.4000 from the current levels would accelerate further downside.
Trading recommendations:
Initiate 50% short positions now; stop is above 1.4200, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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