FX.co ★ GbpChf Resistance Starts From 1.4900/10 Levels

Technical Outlook and Chart Setups:

A 4 Hour compressed view has been presented above. Sequence of lower lows and lower highs are being created since the recent swing high has begun. As depicted here, 1.4900/10 levels are immediate and 1.5050/70 are strong resistance respectively. Having taken out the support at 1.4900 level last week, the bears may be targeting 1.4700 level now. Intraday rallies towards 1.4900 are recommended levels to go further short. In the event that prices rise through and break 1.5050/70 levels, the bearish outlook will be delayed/negated. Bearish for now, looking for lower.

Trading Recommendations:

Stay short (remaining positions), move stop loss to break-even. Fresh short positions can be taken on a rally towards 1.49. Target 1.4700.

Good Luck!