FX.co ★ Technical analysis of GBP/CHF for May 26, 2014

 Technical outlook and charts setups:

1. The GBP/CHF pair has been rejected at the 1.5120 handle yet again, as seen here. The pair has produced a bearish evening star candlestick signal indicating a possible reversal lower towards 1.4700 levels at least. Recommendations are to remain short for now, risk remains at 1.5130/40. We need to see the follow up as well now.

2. Support is seen at 1.4900 levels, followed by 1.4780, 1.4650, 1.4550, 1.4450 and lower while resistance is seen at 1.5120/30 respectively.

3. The structure indicates that GBP/CHF might be beginning to retrace lower towards 1.4700 levels from here on. A push below 1.4950 and subsequently 1.4900 confirms.

Trading recommendations:

Remain short, stop at 1.5140/50, target is open.

Good luck!