FX.co ★ GbpChf bounces off 0.618 resistance. Look to go short

Technical outlook and chart setups:

It was pointed and discussed on Friday, that prices were stalling out at the 0.618 resistance level around 1.43 and a bearish reversal could still remain a possibility. The single currency pair has followed up in a similar way till now. Immediate resistance is at 1.4350 level, followed by 1.4500 and above; while intermediary support is at 1.4030 and lower. Considering the above facts, it is recommended to sell 50% of total capacity at current price level (1.4265), and the remaining around 1.44 level, if prices reach this level. As shown here, the 1.4411 level is a Gartley convergence as well; 0.786 Fibonacci resistance of the downswing between (1.45 and 1.4) and 1.271 of upswing between 1.4 and 1.4280. Bottom line: Sell during intraday rallies.

Trading recommendations:

Quit long positions. Go short 50% capacity at current price and remaining 50% at 1.44, stop is at 1.4550, and target is open.

Good Luck!