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Technical analysis of GBP/CHF for August 20, 2015

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Technical outlook and chart setups:

The GBP/CHF pair has dropped and made lows at 1.5080 levels before pulling back higher. Please note that the pair could drop further towards 1.4975 and 1.4850 levels respectively. Besides, note that 1.4850 is the fibonacci 0.618 support of the rally between 1.4450 and 1.5400 levels. It is recommended to at least book partial profits and move stop to 1.5350. Immediate support is seen at 1.5050 levels, followed by 1.4950 and lower while resistance is seen at 1.5350 levels, followed by 1.5400/10 and higher respectively.

Trading recommendations:

Book partial profits and move stop to 1.5350.

Good luck!

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