Technical outlook and chart setups:
1. Finally, the GBP/CHF pair reverses from 1.5120/30, taking out the first measured support at 1.4700. It is recommended to hold on the short positions taken last week (Friday) for now. Furthermore, expect a rally towards 1.4900/50, before further downside. Risk on short positions for now is at 1.5150.
2. Immediate resistance is at 1.5120/30, while support is at 1.4550, followed by 1.4350 and 1.4050 respectively. Bears would want to target 1.4500/50 levels after pullback.
3. The structure reveals that a meaningful top could be in place at 1.5120/30 now. A resumption of bearish move is underway which leads to an extension of 1.4000 level.
Trading recommendations:
Remain short and sell rallies, stop is at 1.5150, target is at 1.4.
Good luck!
