Technical outlook and chart setups:
The GBP/CHF pair has broken below the counter trend line support and is moving in a decreasing wedge form since 03 November. Support is constant at 1.5300 while resistance is decreasing from 1.5455 to 1.5445 till now. As long as prices remain below the broken counter trend line and subsequently 1.5450 levels, the pair is most likely to head south. Resistance is fixed at 1.5475, followed by 1.5550 while support is seen at 1.5300 (interim), followed by 1.5200/10, 1.5120, 1.4975 and lower respectively. It is recommended to continue holding short positions, risk remains just above 1.5550 levels for now.
Remain short, stop at 1.5560, target is open.
The material has been provided by InstaForex Company – www.instaforex.com