Technical outlook and chart setups:
The GBP/CHF pair tested the resistance level of 1.5350 resistance on the 4H chart and reversed. The pair is trading below 1.5350 now and looks for an opportunity to drop through at least 1.5120. But there is still a huge probability that a drop towards 1.4850 can continue, which is also the Fibonacci 0.618 support of the entire rally from 1.4500 through 1.5350. It is hence recommended to remain short with risk at the level of 1.5380. Immediate resistance is seen at 1.5350 followed by 1.5400/10, while support is seen at 1.5200 and lower.
Trading recommendations:
Remain short with stop at 1.5380, a target is at 1.4850.
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 November 16, 2015 . Thanks for your support.
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