FX.co ★ GbpChf Shortterm Bullish Momentum Seen. 1.4900 Is Resistance

Technical Outlook and Chart Setups:

The overall structure of lower lows and lower highs remains unchanged for now. A daily chart view is depicted here, and till the time prices are below the 1.5050/60 mark, the single currency pair is headed south. Please note that Fibonacci support extends toward 1.46 and 1.45 on daily chart. Smaller timeframes (15min/1hour) are indicating a bullish bounce towards 1.4900 level. It is recommended to remain short on positions taken earlier and add further short positions around 1.49 level today. One can expect short-term bullish bounce but the trend is looking lower towards 1.46 at least.

Trading Recommendations:

Hold short positions, add further around 1.49 level, stop is at 1.5, and target is at 1.46 and 1.45.

Good luck!