FX.co ★ GBP/CHF At Resistance - Technical Analysis and Trading Recommendations

Technical Outlook and Chart Setups:

As depicted above, Gbp/Chf has initiated a pullback right from the Fibonacci extensions of 1.5100 yesterday. At this moment, the single currency pair is at resistance near the 1.5230/50 area. This level was also the past support. It is quite possible that bears take control from this point and drag it down towards the 1.5000 confluence area before finally rally towards fresh highs. We recommend to go short at this moment with an equal risk/reward ratio.

Trading Recommendations:

Go short around these levels 1.5230/50, Stop 1.5400, Target 1.5000.

Good Luck!