Technical outlook and chart setups:
1. The GBP/CHF finally reverses from sub 1.5000 levels as expected and has produced a bearish evening star reversal candlestick trade signal as seen here. Intraday rallies through 1.4960/70 levels could be sold from here on. Recommendations are to remain short and also look to add on rallies, risk remains above 1.5040 for now. Minimum expectations for the pair is to dip towards 1.4700/1.4680 levels from here.
2. Support is seen at 1.4780, followed by 1.4630, 1.4550/1.4450 and lower, while resistance is at 1.5120 respectively.
3. The structure indicates that GBP/CHF is ready to accelerate downside after confirm a bearish signal yesterday. 1.4950/70 is intraday resistance now and rallies should be capped there.
Trading recommendations:
Remain short for now, stop at 1.5040, target is at 1.4700.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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