FX.co ★ GbpChf Downside Acceleration Expected. Move Down Risk

Technical Outlook and Chart Setups:

As depicted above and discussed earlier, the single currency pair has registered lower lows since last trading week. The structure still remains in favor of bears, but it is also recommended to book partial profits at current levels (1.4885) and move down risk. Resistance begins from 1.5050 level and extends through 1.5150/60 levels, while intermediary support is at 1.4800 and strong support will be provided by the 1.4700 level. Fresh short positions can be taken on intraday rallies. Looking lower from here on.

Trading Recommendations:

Hold on to short positions taken earlier, book partial proits, move stop to breakeven levels, target is at 1.4600.

Good Luck!