Technical outlook and chart setups:
The GBP/CHF pair is trading around the level of 1.4580/90 now and has remained just shy of 1.4700/10 before pulling back lower. The pair seems to be preparing to drop lower to the level of 1.4150 before resuming its rally further. It is hence recommended to initiate 50% short positions now, with risk at 1.4740. Immediate support is seen at 1.4400 followed by 1.4300, 1.4150, 1.4000, and lower while resistance is seen at 1.4700 followed by 1.4800, 1.4950, and higher respectively. Bears are expected to take control from the current levels or after taking out 1.4700 resistance.
Initiate 50% short positions, stop at 1.4740/50, target around 1.4150.
The material has been provided by InstaForex Company – www.instaforex.com