Technical outlook and chart setups:
The GBP/CHF pair dropped to the levels of 1.4400 on Friday as it was expected,but rallied back higher into the 1.4700 handle again yesterday. The pair remained shy of stops placed at the levels of 1.4730 and is seen to be trading at the levels of 1.4660/70 for now. GBP/CHF needs to break below 1.4400 to confirm that a top is in place and produce a deeper correction. It is recommended to hold short positions with risk at the levels of 1.4730. On the flip side, a push above 1.4720 would be further bullish and would test 1.5150. Immediate support is seen at the levels of 1.4400/10, while resistance is seen at 1.5150, respectively.
Remain short, stop at 1.4730, target is open.
The material has been provided by InstaForex Company – www.instaforex.com