FX.co ★ Technical analysis of GBP/CHF for Aug 18, 2014

Technical outlook and chart setups:

1. The GBP/CHF has achieved the first 2 bearish targets at 1.5120 and 1.5070/50 respectively and bounced back (gap up). High probabilities from now is for a rally towards the 1.5250 levels if not more. Recommendations are to remain flat for now and look to sell higher again. The pair should follow the downtrend line depicted here.

2. Support is seen at 1.4950, followed by 1.4750 and lower, while resistance is seen at 1.5350 and 1.5450 respectively.

3. The structure indicates that bears would remain in control till prices stay below 1.5350 levels.

Trading recommendations:

Remain flat for now and look to sell higher.

Good luck!