FX.co ★ Technical analysis of GBP/CHF for July 28, 2014

Technical outlook and chart setups:

1. The GBP/CHF pair seems to have broken immediate line of support and also the 1.5300/05 levels. Intraday rallies should be sold till prices remain below the 1.5430/50 mark. The pair may be looking to head lower towards 1.5220 levels in the short term.

2. Support is seen at 1.5220, followed by 1.5130/40 and lower, while resistance is fixed at 1.5430/50 respectively.

3. The structure indicates that GBP/CHF could be looking to turn bearish at least for short term. A break below the longer term support line could be further bearish.

Trading recommendations:

Remain short, stop above 1.5430/50, target is open.

Good luck!