FX.co ★ Technical analysis of GBP/CHF for June 09, 2014

Technical outlook and chart setups:

1. The GBP/CHF touched 1.5131 levels intraday, only to reverse sharply towards 1.5000 levels again. It is more or less confirmed that the pair is ready to retrace lower towards 1.4720 levels as shown here. It is therefore recommended to remain short, risk remains at 1.5140/50 levels.

2. Immediate support level is at 1.4900, followed by 1.4780, 1.4650 and lower while resistance is at 1.5140/50 respectively.

3. The structure indicates that GBP/CHF rally from 1.4450 levels could be complete now and the pair is expected to retrace lower into 1.4700 levels.

Trading recommendations:

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

Good luck!