FX.co ★ Technical analysis of GBP/CHF for 01 May, 2014

Technical outlook and chart setups:

1. The GBP/CHF pair produces a doji yesterday. The pair is stalling around the 1.4860/80 mark for now. Until the 1.4905 level remains intact, bears should remain in control. High probability is for intermediary downswing to resume from current levels. Recommendations are to remain short, risk is at 1.4950/60.

2. Support is at 1.4640/50, followed by 1.4550, 1.4450, 1.4200 and lower while resistance is at 1.4950, followed by 1.5120 respectively.

3. The structure indicates that GBP/CHF should continue drifting towards 1.4700 levels from here on. A bullish bounce from there should be watched for reversing positions.

Trade recommendations:

Remain short for now, stop is at 1.4960, target is at 1.4700.

Good luck!