Technical outlook and chart setups:
1. The GBP/CHF pair raised through the 1.4880 levels yesterday before pulling back. The pair seems to be underway for a 3 wave correction towards sub 1.4600 levels before the larger trend continues. It is expected to drop at least towards 1.4700 levels from here on. Recommendations are to initiate short positions now at 1.4865/70 levels, risk remains 1.4950.
2.Support is at 1.4600, followed by 1.4550, 1.4450, 1.4350 and lower, while resistance is at 1.4950, followed by 1.5120.
3. The structure indicates that GBP/CHF bears could remain in control till the 1.4700 levels from here on. A bullish bounce from there, so it should be considered to be bought.
Initiate short positions (1.4865/70), stop at 1.4955, target 1.4700 at least.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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