Technical outlook and chart setups:
The GBP/CHF pair remains trading around 1.5066 having tested resistance at 1.5100. Please note that 1.5100 is fibonacci 0.618 resistance and a bearish reaction could be expected anytime soon. It is hence recommended to remain short on the positions taken earlier with risk at 1.5400. Immediate support remains at 14900 followed by 1.4700/50, 1.4600, and lower, while resistance is seen at 1.5350 followed by 1.5400 and higher. Bears are expected to regain control it prices stay below 1.5400.
Remain short with stop at 1.5400, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com