FX.co ★ Technical analysis of GBP/CHF for January 24, 2014

Technical outlook and chart setups:

1. The GBP/CHF pair reverses just shy - by 20 pips - of the fibonacci convergence at 1.5145/50, as seen on the chart here. It is recommended to sell rallies from here on. The risk remains at 1.5180.

2.Immediate resistance is at 1.5140/50, followed by 1.5250, while supports are spread through the 1.47000/80, followed by 1.4550/60 respectively.

3. The structure reveals that a major top could be in place around the 1.5140/50 region. Coming below 1.47000 would confirm it. An Engulfing Bearish trade signal has appeared on the daily chart that indicates the next move is lower.

Trading recommendations.

Sell on rallies from here, stop is at 1.5180, target is open.

Good luck!