Technical outlook and chart setups:
The GBP/CHF pair seems to be retracing higher now after hitting lows near 1.5000 on November 06, 2015. Please note that the pair is expected to find/hit a Fibonacci 0.618 resistance level at 1.5223/30 soon. It is expected to turn bearish and move lower towards 1.4850 in coming few sessions. It is hence recommended to initiate short positions around the levels of 1.5220/30 with risk at 1.5380. Immediate support is seen at 1.5000 (interim), followed by 1.4930, 1.4850, and lower, while resistance is seen at 1.5350 followed by 1.5400/10 and higher. Bears are expected to be in control until prices stay below 1.5350.
Re-enter short positions around 1.5220/30, stop is at 1.5380, a target is at 1.4850.
The material has been provided by InstaForex Company – www.instaforex.com