Technical outlook and chart setups:
The GBP/CHF pair seems to be preparing to resume its falls towards 1.4800/50 levels now. The pair had earlier bounced off the 1.4970 levels (fibonacci 0.382 support of the entire rally between sub 1.4400 and 1.5400 levels), and stalled just ahead of resistance at 1.5300 levels. Furthermore, the pair has also produced an engulfing bearish candlestick reversal signal last week. Currently trading around 1.5170 levels, the GBP/CHF pair might just be ready to continue drifting lower. On the flip side if 1.5300 levels break, then bulls would be favored to take back control. Support is seen at 1.4950 while resistance is at 1.5300 and higher respectively.
Trading recommendations:
Remain short, stop above 1.5300, target is open.
Good luck!
