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08.07.2014 02:36 PM
Technical analysis of GBP/CHF for July 08, 2014

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Technical outlook and chart setups:

1. The GBP/CHF pair is seen to be stalling at 1.5350/60 levels as seen here and looks to have produced a bearish evening star candlestick signal. Recommendations are to initiate short positions, risk remains at 1.5400/10.

2. Support is seen at 1.5150/40, followed by 1.4950, 1.4780 and lower while resistance is at 1.5350/60 respectively.

3. The structure indicates that GBP/CHF may be topping around the current levels in favor of the downside trend.

Trading recommendations:

Initiate short positions stop at 1.5400/10, target is open.

Good luck!

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