Technical outlook and chart setups:
The GBP/CHF pair is seen to be trading lower around the level of 1.4505 again after printing highs at 1.4588 and taking stops out. Please note that the pair is reversing from the fibonacci 0.786 resistance levels and the resistance trend-line is passing through the same region. Hence it is still recommended to initiate short positions again with risk around the level of 1.4620. Immediate support is seen at 1.4320 followed by 1.4150, 1.4000, and lower respectively, while resistance is seen at 1.4700 levels followed by 1.4800, 1.490,0 and higher respectively.
Initiate short positions, stop at 1.4620, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com