FX.co ★ GBPCHF Downswing to Accelerate. Hold on to Short Positions

Technical Outlook and Chart Setups:

As depicted here, the single currency pair registers fresh lows below 1.4800. Also note that the 1.4830/40 region, which was previous support, will act as resistance now. Immediate support is at 1.4720, followed by 1.4610 and 1.4500, respectively. Immediate resistance will be the past support turned resistance region at 1.4830/40 levels. It is recommended to hold short positions taken last week. Furthermore, intraday rallies towards 1.4820/30 levels should be sold as well.

Trade Recommendations:

Hold on to short positions taken earlier, sell further intraday rallies towards 1.4820/30 levels, stop @ 1.4950, target is at 1.4600 levels.

Good Luck !