FX.co ★ GbpChf Remains Sell On Rallies. 1.5150/60 Resistance Holding

Technical Outlook and Chart Setups:

The overall structure still remains bearish as a sloping downtrend line of resistance remains intact (shown on the graph). Furthermore, the single currency is producing bearish signal on smaller timeframes (1h/4h) and it gives opportunity to build further short positions. The region of 1.4990 - 1.5020 is immediate resistance followed by 1.5150/60 levels on the higher side. Till the time prices stay below 1.5150/60, it is recommended to remain short and sell intraday rallies towards 1,5050. Intermediary support will be provided by 1.4800 and strong support is re-enforced by 1.4700 level. Bears are slowly but steadily targeting a breakdown below 1.4800. Looking lower for now.

Trading Recommendations:

Hold on to short positions taken earlier. Sell further on intraday rallies. Stop is at 1.5060. Target is open.

Good Luck!