Technical outlook and chart setups:
The GBP/CHF pair reversed sharply after hitting highs at 1.3856 levels on Friday. Further, it made lows at 1.3640 levels in the early trade today before pulling back higher. Please note that the pair is setting up for a deeper correction towards 1.3500/25 levels, before resuming its uptrend. Also note that the pair has already broken out of its immediate trend line resistance and the drop would test its back side, which is support now. It is hence recommended to remain short for now with risk above 1.3756 levels, then turn bullish. Immediate support is seen at 1.3600 levels, while resistance is seen at 1.3750/60 levels respectively.
Trading recommendations:
Remain short now, stop at 1.3770 levels, target at 1.3750 levels. Then turn long.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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