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    Technical analysis of GBP/CHF for August 04, 2015

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    Technical outlook and chart setups:

    The GBP/CHF pair for an opportunity to test interim resistance at the levels of 1.5140/50 again before reversing lower. Please note that the pair had produced an engulfing bearish candlestick around 1.5140 earlier, indicating a potential reversal/correction lower. The 3rd wave of correction could be extending towards 1.4750. It is recommended to remain short now with risk at 1.5230/40. Immediate interim support is seen at the level of 1.4950 followed by 1.4750 and lower, while resistance is seen at 1.5180/1.5200 and higher respectively.

    Trading recommendations:

    Remain short for now, stop is at 1.5230, a target is 1.4750.

    Good luck!

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