Technical outlook and chart setups:
1. The GBP/CHF pair is raising past the line of resistance towards 1.4700 at the moment. The sloping line resistance is just around the 1.4720/30 mark, and also the expected of reversal. It is recommended to remain short with risk at 1.4700.A break above the trend line would be discouraging for the bulls.
2. Immediate support is at 1.4450/60 (intermediary), followed by 1.4350, 1.4200 and lower, while resistance is at 1.4850/1.4950 and 1.5120 respectively.
3. The wave structure indicates that GBP/CHF should continue to drift lower till at least 1.4350 for the bears to remain in control. Failure to do so, shall shift focus again towards 1.4950 and higher up.
Trading recommendations:
Remain short for now, stop is at 1.47, target is 1.4350.
Good luck!
