Technical Outlook and Chart Setups:
Yesterday's session gave a break down to the 1.4610/20 levels as expected, and then recovered sharply at close. Looking into the above Daily Chart Structure, resistance remains at 1.4790-1.4800. Furthermore, the dropping trendline resistance is also holding for now. The single currency is currently trading near 1.4700 level and Fibonacci resistance level starts from 1.4720 today. If this resistance holds, GBP/CHF will be expected to slide further down towards at least 1.4550 in the coming trade sessions. On the other hand, the Channel Line shown above is holding well for now. This support line needs to be broker through for bears to regain control.
Trading Recommendations:
Holding shorts since 1.4520/40 levels with stop at 1.4790 for now.
Best Regards,
The material has been provided by Instaforex Company - instaforex.com
