FX.co ★ Technical analysis of GBP/CHF for Aug 20, 2014

Technical outlook and chart setups:

1. The GBP/CHF pair now looks to be ready to resume its counter trend rally towards 1.5250. The pair is trading at 1.5112 levels, after testing the 1.5070 levels yesterday. Recommendations are to initiate long positions now, risk remains below 1.5050.

2. Support is seen at 1.4950, followed by 1.4750 and lower while resistance is seen at 1.5350, followed by 1.5450 respectively.

3. The structure indicates that GBP/CHF could now extend its rally towards 1.5250 levels at least.

Trading recommendations:

Initiate long positions, risk remains below 1.5050, target 1.5250

Good luck!