Technical outlook and chart setups:
1. The GBP/CHF pair has raised through the 1.4950 levels today in the opening hours and pulled back sharply. The pair stopped us out at 1.4960. Still, recommendations are to look for a top and reversal from current levels. The pair is expected to retrace towards 1.4600/50 levels from current levels.
2. Support is at 1.4750/60 followed by 1.4630/50, 1.4550, 1.4450 and lower, while resistance is at 1.4975/80, followed by 1.5120 respectively.
3. The structure indicates that the pair has completed its rally that begun from 1.4450 levels earlier. It could potentially fall back in a corrective manner towards the 1.4600/50 levels before rallying further.
Trading recommendations:
Look to enter short positions again, risk is at 1.5120, target is open. More conservative approach would be to remain flat for now, and look to buy lower.
Good luck!
