FX.co ★ Technical analysis of GBP/CHF for October 31, 2014

Technical outlook and chart setups:

The GBP/CHF pair is testing resistance at the 1.5350 levels as seen here. Please note that this region is also fibonacci 0.681 and past support turned resistance confluence. High probability remains that the pair could reverse from the current levels, hence recommendations are to remain short, risk is above 1.5450 levels. Support is seen at 1.5200, followed by 1.5100, 1.4975, while resistance is seen at 1.5450, followed by 1.5555 respectively. Bears are expected to regain control shortly, but a push through 1.5450 levels would certainly delay matters. Going below 1.5200 levels would accelerate the fall below 1.4975 in the sessions to come.

Trading recommendations:

Remain short, stop above 1.5450, the target is open.

Good luck!