FX.co ★ Technical analysis of GBP/CHF for October 02, 2014

Technical outlook and chart setups:

The GBP/CHF is seen to be facing resistance around 1.5500/25 levels lately. Moreover the pair is looking to form a bearish evening star candlestick signal on Daily chart, as seen here. Indications are at least a corrective decline into 1.5200 levels, which is the fibonacci 0.618 support of the rally from 1.4975 towards 1.5500/25. Strong support is seen at 1.4975, followed by 1.4750/75, while resistance is fixed at 1.5500/25 levels for now. Recommendations are to initiate short positions now, risk remains at 1.5550. 

Trading recommendations:

Initiate short positions, stop at 1.5550/60, target is open.

Good luck!