FX.co ★ Technical analysis of GBP/CHF for August 03, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around the level of 1.5090 at the moment, preparing to produce a meaningful correction lower. Please note that the pair has broken its immediate support and is probably back testing, producing an evening star pattern at the resistance line around 1.5100/5090. It is therefore recommended to initiate short positions at current levels with risk at 1.5200. Immediate support is seen at 1.4950 (interim) followed by 1.4770, 1.4550, and lower while resistance is seen at 1.5180 followed by 1.5200 and higher respectively.

Trading recommendations:

Initiate short positions, stop is at 1.5230, a target is open.

Good luck!