Technical outlook and chart setups:
The GBP/CHF pair might have begun its corrective move lower towards the level of 1.4750. The 4H chart depicted here indicates the formation of a bearish reversal candlestick pattern confirming the same. Please note that the pair took out the resistance level of 1.5117 yesterday, and a corrective move was expected. Also note that the resistance, which turned support trend line, is currently passing through the level of 1.4900 and a bullish bounce is quite possible at those levels. It is hence recommended to remain aggressively short now with risk at 1.5120 and reverse at lower levels. Immediate support is seen at the level of 1.4950, followed by 1.4750 and lower, while resistance is seen at 1.5350 followed by 1.5400/10 and higher.
Trading recommendations:
Remain short with stop at 1.5120, a target is at 1.4900 and 1.4750. Turn bullish Then.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/CHF for October 28 2015 . Thanks for your support.
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