Technical outlook and chart setups:
The GBP/CHF pair has finally reversed from 1.5350 levels as expected yesterday. Please note that it could still continue dropping lower from here towards 1.4850 levels before reversing. But an interim support is seen around 1.5040 levels which could produce a corrective bounce as well. Keeping this in mind, it is recommended to take profits on short positions for now and remain flat. Immediate support is seen at 1.5020/40 levels, followed by 1.4900, 1.4850 and lower while resistance is seen at 1.5400/10 and higher respectively. Bears are expected to remain in control for a while up to 1.4850/1.4900 levels.
Take profits on short positions taken earlier and remain flat.
The material has been provided by InstaForex Company – www.instaforex.com