FX.co ★ Technical analysis of GBP/CHF for September 23, 2014

Technical outlook and chart setups:

The GBP/CHF pair might be ready to pullback further into the 1.5200's as depicted here. An aggressive trade setup could be to initiate short positions at current levels (1.5480/85), risk remains just above 1.5450 for now. Immediate support is seen at 1.5250, followed by 1.5100, 1.4975 and lower, while resistance is at 1.5450 respectively. Please note that this fall is just an expected correction and that the pair should resume uptrend around the 1.5200 support. Potential upside targets for GBP/CHF still remains at 1.5500 and 1.5800 respectively. A conservative trade setup would be to wait for a dip into the 1.5200, to initiate long positions again. The 1.4975 level is a critical support for bulls to remain in control.

Trading recommendations:

Aggressive setup would be to go short now, stop above 1.5450, target is at 1.5200

Conservative trade setup would be to remain flat for now and turn long at 1.5200.

Good luck!