FX.co ★ GBP/CHF Reverses from Resistance. Remain Short

Technical Outlook and Chart Setups:

The GBP/CHF pair has returned from 0.618 resistance of the recent downswing from 1.5050 to 1.4670 producing an evening star. Most likely movement direction is south from here on. Resistance on the higher side are 1.5050 and 1.5150/60. Intermediary support level is at 1.4670, and major support begins from 1.4600 and lower. It is recommended to remain short and add further positions from here. Looking lower from here on.

Trade Recommendations:

Hold on to short positions taken earlier on. Stop is at 1.50, target is at 1.46 and lower.

Good Luck!