FX.co ★ Technical analysis of GBP/CHF for October 03, 2014

 Technical outlook and chart setups:

The GBP/CHF pair is seen to have broken immediate line of support as seen here on the 4H chart view. The pair is expected to continue drifting lower into 1.5200 levels in the coming sessions before turning bullish again. Immediate support is seen at 1.5300 (also fibonacci 0.382 support ), followed by 1.5100, 1.4975 and lower while resistance is fixed at 1.5500/25 levels respectively. It is recommended to remain short for now and also look to reduce risk from 1.5550. The pair is expected to form bottom around 1.5200 levels before continuing its rally.

Trading recommendations:

Remain short, stop at 1.5550, target is open.

Good luck!