Technical outlook and chart setups:
1. The GBP/CHF pair has finally broken the trend line support as seen here. The trade direction is clearly down with 1.4600/50 now acting as resistance (past support). It is recommended to initiate short positions, risk remains above 1.4700 (the sloping trend line).
2. Immediate resistance is the 1.4600/50 region, followed by 1.4850, 1.4950/60 and 1.5120/30, while supports are at 1.4350, followed by 1.4300 and lower respectively.
3. The structure reveals that a major support trend line has broken today, indicating bears are in control and prices are due to print further lower lows. Remain short and sell into rallies from here on.
Trading recommendations:
Initiate short positions, stop is above 1.4700, target is at 1.42 and 1.4.
Good luck!
