Technical outlook and chart setups:
The GBP/CHF pair rallied through the interim resistance of 1.4900 and is approaching the level of 1.5100 now as expected. Please note that 1.5100 is converging with fibonacci 0.618 resistance of a drop from 1.5400 to 1.4600 and backside of the trend line, which is resistance now. It is recommended to initiate short positions between 1.5060 and 1.5100, with risk at 1.5400. Immediate support is seen at 1.4900 followed by 1.4750, 1.4600, and lower, while resistance is seen at 1.5100 followed by 1.5400 and higher.
Initiate short positions between 1.5060 and 1.5090, place stop at 1.5400, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com