FX.co ★ Technical analysis of GBP/CHF for August 19, 2015

Technical outlook and chart setups:

The GBP/CHF pair has tested resistance again at 1.5350 levels before pulling back lower. The pair is trading around the 1.5300/10 levels for now and is expected to drop lower till prices stay below 1.5400/10 levels. It is still recommended to remain short, with risk at 1.5450 levels for now. Immediate support is seen at 1.5150 levels (interim), followed by 1.5050, 1.4950 and lower, while resistance is seen at 1.5350 levels (interim), followed by 1.5410 and higher respectively. A 3-wave corrective drop is expected towards 1.5025/50 levels, before the rally could resume.

Trading recommendations:

Remain short, stop at 1.5450, a target 1.5050.

Good luck!