Technical outlook and chart setups:
The GBP/CHF pair has raised through the 1.5300 levels yesterday (the expected pullback was shallow at 1.5200). The pair is currently trading at 1.5290 levels and is expected to test 1.5320/30 levels before reversing lower. Please note that 1.5320/30 is the fibonacci 0.618 resistance of the fall between 1.5550 and 1.4975 respectively. It is recommended to initiate short positions between 1.5300 and 1.5320/30, risk remains at 1.5450 at least. Resistance is seen at 1.5450, followed by 1.5550 while support is seen at 1.5200 (interim), followed by 1.4975 and lower respectively.
Initiate short positions around 1.5320/30, stop at 1.5450, the target is open.
The material has been provided by InstaForex Company – www.instaforex.com