Technical outlook and chart setups:
The GBP/CHF pair is trading lower around 1.4600/10 as we expected and discussed earlier. Please note that the pair had reversed from fibonacci 0.618 retracement levels after a drop from 1.4830 to 1.4550 respectively. The pair is expected to drift lower towards the level of 1.4400 at least before resuming its rally. It is therefore recommended to book some profits on short positions taken earlier and hold the remaining with risk at 1.4850. Immediate support is seen at 1.4500/50 followed by 1.4400 and lower while resistance is seen at 1.4725 levels followed by 1.4850 and higher respectively.
Book some profits for now and hold short positions with stop at 1.4850.
The material has been provided by InstaForex Company – www.instaforex.com