Technical Outlook and Chart Setup:
As discussed earlier, GBP/CHF reached the resistance around 1.5350 level and has resumed a reversal trend or at least a pullback. Our short recommendations have materialized yesterday and the risk is at 1.5400 level. Immediate resistance now is at 1.5350 while intermediary support was the last swing low at 1.5100 level. The potential still remains for the single currency pair to test 1.5000 level where the confluence of trend line and 0.618 Fibonacci support is also met. At the moment we recommend to remain short or add short positions on intraday rally.
Trading Recommendations:
Remain short, stop at 1.5400 targeting 1.5000
Good Luck!
