FX.co ★ Technical analysis of GBP/CHF for February 20, 2014

Technical outlook and chart setups:

1. The GBP/CHF pair is stalling ahead of 1.4700 levels as seen here. Considering the fact that the pair is still in buy zone, the probability of a rally still remains from current levels, to challenge 1.5120/30. It is recommended to exit short positions taken at 1.4950/60 for now.

2. Immediate resistance remains at 1.5120/30, while supports are at 1.4550 (intermediary), followed by 1.4350 and lower respectively.

3. The structure indicates that a move higher could be possible since the pair remains in the buy zone of the medium term support line. Levels to watch ate 1.5120/30 and 1.4950/60.

Trading recommendations:

Exit short positions, flat for now.

Good luck!