Technical outlook and chart setups:
The GBP/CHF pair is seen to be trading around 1.4640/50 at the moment, preparing to produce a meaningful retracement lower. The pair is expected to drop from the current levels or after taking out resistance at 1.4700/10. It is hence recommended to remain short from yesterday and also look to add further short positions with risk around 1.4750 for now. Immediate support is seen at the level of 1.4550, followed by 1.4400, 1.4300, and lower while resistance is seen at 1.4700/10, followed by 1.4850, 1.4900, and higher respectively. Shor-term downside is expected soon before the rally could resume.
Remain short, stop at 1.4750, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com