FX.co ★ Technical analysis of GBP/CHF for October 22, 2014

Technical outlook and chart setups:

The GBP/CHF pair has raised through the 1.5300 levels yesterday (the expected pullback was shallow at 1.5200). The pair is currently trading at 1.5290 levels and is expected to test 1.5320/30 levels before reversing lower. Please note that 1.5320/30 is the fibonacci 0.618 resistance of the fall between 1.5550 and 1.4975 respectively. It is recommended to initiate short positions between 1.5300 and 1.5320/30, risk remains at 1.5450 at least. Resistance is seen at 1.5450, followed by 1.5550 while support is seen at 1.5200 (interim), followed by 1.4975 and lower respectively.

Trading recommendations:

Initiate short positions around 1.5320/30, stop at 1.5450, the target is open.

Good luck!