FX.co ★ Technical analysis of GBP/CHF for April 01, 2014

Technical outlook and chart setups:

1. The GBP/CHF pair is just taking its head out of the resistance line seen here, trading around the sub 1.4700 mark for now. A push through 1.4780 levels from here would invalidate the bearish view, that was discussed yesterday. For now, recommendations are to remain short, risk remains above 1.4870 levels. If prices manage to come back into the sell zone of the resistance line again, the pair would confirm further downside towards 1.4350.

2. Resistance is seen at 1.4870, followed by 1.4970/60 and 1.5120/30 on the higher side, while supports are spread through 1.4470 (intermediary), followed by 1.4350 and lower respectively.

3. The structure indicates that GBP/CHF would continue to remain bearish only if prices return below the 1.4700 mark.

Trading recommendations:

Remain short for now, set stop at 1.4880, target is 1.4350 and lower.