FX.co ★ Technical analysis of GBP/CHF for April 22, 2014

Technical outlook and chart setups:

1. The GBP/CHF pair breaks down 1.4850/60 levels at this moment of writing. The pair needs to be bought on dips from here on. It remains possible that bulls will drag prices to 1.4950/60 levels before a meaningful retracement can take place. The 1.4600/50 area would be the area of focus to buy.

2. Support is at 1.4650 followed by 1.4450, 1.4350, 1.4250 and lower, while resistance is at 1.4950/60 followed by 1.5120/30, respectively.

3. The structure indicates that GBP/CHF should resume retracement for the rally between 1.4450 and 1.4850 any time soon. The 1.4600 remains key level for the bulls to resume the underlying trend.

Trading recommendations:

Remain flat for now, you can look to buy lower around 1.4600/50.

Good luck!