Technical outlook and chart setups:
The GBP/CHF pair has dropped lower towards 1.5100 levels a seen here. A pullback/retracement could be possible and 1.5300 level should act as past support turned resistance now. It is recommended to book profits on all short positions for now and wait for prices to pullback before entering short again. Resistance is seen at 1.5300, followed by 1.5450/75, 1.5550 while support is seen at 1.4975 and lower respectively. Bears would stay in control till prices stay below 1.5450 levels for now. The down side extensions are pointing towards 1.5030 levels as depicted here.
Book total profits on short positions taken earlier and remain flat.
The material has been provided by InstaForex Company – www.instaforex.com