FX.co ★ Technical analysis of GBP/CHF for January 14, 2015

Technical outlook and chart setups:

The GBP/CHF pair has pushed higher to 1.5475 levels as seen on the 4H chart view depicted here, just shy of the interim resistance at 1.5520 levels. It is recommended to book profits on long positions now and remain flat for a while. Aggressive traders might look to initiate 50% short positions at current price, risk remains at 1.5530 levels. The pair might dip lower below 1.5250 levels, forming a gartley, before resuming the uptrend. A break below 1.5350 would surely confirm the probability of pushing lower into 1.5200 levels. Immediate support is seen at 1.5350 levels, followed by 1.5250 and lower, while resistance is seen at 1.5520 levels respectively.

Trading recommendations:

Book profits on long positions and remain flat. Aggressive trade setup could be to initiate 50% short positions, stop at 1.5530, the target is at 1.5200.

Good luck!