The trend is expected to be set today. Please refer to the chart setup above. Considering the behaviour of the channel line, the GBP/CHF is expected to break to the upside. On the smaller timefranes we can see the resistance at the current price action (1.4720/30). If this resistance rmains the same, we expect prices to tumble down to 1.4500 levels. On the other hand, if prices are traded above 1.4750 levels, the pair will pass through the strong resistance level 1.4790-1.4800.
1. Fresh positions should be taken on a break down of channel line support or break of resistance at 1.4800.
2. Existing short positions can be held for today with Stop Loss placed at 1.4970/1.4800.