Technical outlook and chart setups:
The GBP/CHF pair is seen to be trading at 1.4410/15 now after having tested the resistance trend line twice, as depicted here. The pair needs to break below the level of 1.4350 to accelerate further on the downside. It is hence recommended to remain short, with risk around 1.4630 now. Immediate support is seen at 1.4350 followed by 1.4150, 1.3850, and lower while resistance is seen at 1.4650 followed by 1.4700, 1.4850, and higher respectively. Bears are expected to remain in control until prices stay below the level of 1.4600 from here on.
Remain short for now, stop at 1.4630/50, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com