Technical outlook and chart setups:
The GBP/CHF pair has finally dropped lower as expected earlier. The pair is currently trading around 1.4670. It is still expected to drop lower towards 1.4400 before reversing higher. The pair should face resistance around 1.4775/80. It is hence recommended to initiate 50% short positions now and keep fresh positions around 1.4770 with risk at 1.4850. Immediate support is seen at 1.4500/25 followed by 1.4400, 1.4250, and lower. Resistance is seen at 1.4750/70 followed by 1.4830 and higher respectively.
Initiate 50% short positions, remaining at 1.4750/70, stop is at 1.4850, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com