Technical analysis of GBP/CHF for Aug 08, 2014

Technical outlook and chart setups:

1. The GBP/CHF pair has tested the resistance at 1.5350/60 levels as seen here. Also, the region was back side of the support turned resistance line. The pair is expected to continue drift lower at least 1.5070 levels as depicted here.  

2. Support is seen at 1.5200 (interim), followed by 1.5130, 1.4970/80 and lower while resistance is at 1.5380, followed by 1.5430/50 respectively.

3. The structure indicates that GBP/CHF pair may continue its intermediary downswing and extend its fall towards 1.5070 levels.

Trading recommendations:

Remain short for now, stop at 1.5450, target is open.

Good luck!