FX.co ★ Technical analysis of GBP/CHF for July 21, 2014

Technical outlook and chart setups:

1. The GBP/CHF pair has pulled off highs from 1.5400 levels on Friday as expected. The pair is still expected to continue drifting lower towards at least the 1.5270/80 levels, if not lower. A break below the trend line and subsequently 1.5225 would be extremely bearish for the pair.

2. Support is seen at 1.5220/30, followed by 1.5150, 1.4950, 1.4780 and lower while resistance is seen at 1.5400 respectively.

3. The structure indicates that GBP/CHF needs to break 1.5225 at least to turn bearish.

Trading recommendations:

Remain short, stop above 1.5450, the target is open.

Good luck!