Technical outlook and chart setups:
The GBP/CHF pair retested the fibonacci 0.618 resistance at 1.5100. Now it is pulling back lower. A push through 1.5100 could test 1.5240/50 on the higher side, which is the fibonacci 0.786 resistance. It is recommended to remain short with risk at 1.5400. Immediate support is seen at 1.4900 followed by 1.4700/50, 1.4600, and lower while resistance is seen at 1.5100 (interim) followed by 1.5350, 1.5400/10, and higher respectively. Bears should remain in control until prices are below 1.5400 from here on.
Remain short, stop is at 1.5400,a target is open.
The material has been provided by InstaForex Company – www.instaforex.com