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    Technical analysis of GBP/CHF for October 19 2015


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    Technical outlook and chart setups:

    The GBP/CHF pair is testing an intermediary line of resistance around the 1.4800/20 levels as seen on the chart. Also note that prices are just around the Fibonacci 0.618 resistance as well (1.4789/90). A bearish turn here would be encouraging for bears to continue drifting towards the 1.4400 levels at least. It is hence recommended to remain short and look to add further positions with risk at the 1.4950 levels. Immediate support is seen at the 1.4620 levels, followed by 1.4520 and lower, while resistance is seen at the 1.4920/30 levels, followed by 1.5100 and higher.

    Trading recommendations:

    Remain short, stop is at 1.4950, target is 1.4400.

    Good luck!


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