GbpChf Ready For The Next Downswing. 1.4950/60 Is Resistance
Technical Outlook and Chart Setups:
The structure remains favorable for bears at the moment. Prices have run through 0.618 Fibonacci resistance of recent downswing as depicted here and are stalling at the moment. Resistance is fixed at 1.5050/60, 1.5150 and higher; while Daily support is at 1.4670 (intermediary), followed by 1.4600 and 1.4500. It is recommended to remain short and also look to built further short positions around current levels (1.4913). Looking lower from here on.
Remain short on positions taken earlier. Look to add further. Stop is at 1.5. Target is at 1.4600 and lower.
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