FX.co ★ Technical analysis of GBP/CHF for April 25, 2014

Technical outlook and chart setups:

1. The GBP/CHF pair has resumed pullback after taking out resistance at 1.4850/60 levels earlier. As seen here, the minimum level for a bullish bounce to appear is around 1.4750 levels and below that around 1.4600 (these are the fibonacci support levels). Recommendations are to wait for a bullish bounce to initiate long positions again.

2. Support is at 1.4600, followed by 1.4450, 1.4350and lower, while resistance is at 1.4950/60 followed by 1.5120 respectively.

3. The structure indicates that GBP/CHF should be well supported around the 1.46/47 levels. However, a break below 1.4550 and 1.4450 would be extremely bearish.

Trading recommendations:

Flat for now. Looking to buy lower.

Good luck!