Technical outlook and chart setups:
1. The GBP/CHF pair remains unchanged from what was discussed yesterday. Trading around 1.4700 levels at the moment, one can expect a break below 1.4500 soon. All counter trend rallies should be well capped below 1.4950/60. It is recommended to hold short positions, and also look to sell rallies from here on.
2. Immediate resistance is at 1.4950/60, followed by 1.5120/30, while supports are spread through 1.4550/60, 1.4350, 1.42000 and 1.4000 respectively.
3. The structure reveals that below 1.5120/30, the GBP/CHF is expected to drift lower towards 1.4000 levels eventually. Weekly charts suggests that a major top has been formed at 1.5120/30 now and prices are towards a lower low (below 1.4).
Trading recommendations:
Remain short, stop is at 1.5130, target is at 1.4.
Good luck!
