FX.co ★ Technical analysis of GBP/CHF for January 02, 2014

Technical Outlook and Chart Setups:

1. The GBP/CHF has exceeded the pullback/retracement towards the 1.4800 level, as depicted here. This is also the 0.786 retracement/resistance of the downswing from 1.4900 to 1.4350 recently. It is recommended to remain short with risk above 1.4900.

2. Major resistance is fixed at the 1.4900 level, while supports are spread through 1.4550 (intermediary) followed by 1.4350, 1.4200, and 1.4000, respectively.

3. The structure still reveals that a possible downswing should resume towards 1.4200 and 1.4000, respectively. Immediate resistance is the 1.4800 level.

Trade Recommendations:

Remain short, stop is at 1.4950, target is 1.4000.

Good luck!