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Technical analysis of GBP/CHF for August 06, 2015

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Technical outlook and chart setups:

The GBP/CHF pair inched higher by around 100 pips before reversing sharply and is trading around 1.5224 at the moment. The trend remains up, but a correction cannot be ruled out now. As shown here, a minimum drop towards the 1.5000 levels, which is also the Fibonacci 0.618, and trendline support can be expected before the next bull leg resumes. It is recommended to remain flat for now and look to buy lower. Immediate support is seen at the 1.5200 levels followed by 1.5050, 1.4950, 1.4800, and lower, while resistance is seen at 1.5350/60 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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