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14.05.201408:45 Forex Analysis & Reviews: Technical analysis of GBP/CHF for May 14, 2014

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Technical outlook and chart setups:

1. The GBP/CHF has produced a doji candlestick pattern yesterday indicating a possible reversal down today. The pair has traded in a very tight range between 1.4990 and 1.4960/70 in the last trading sessions. A reversal is expected today till prices stay below the 1.4990/1.5000 levels for now. Recommendations are to remain short (aggressive trade setups), risk remains above 1.5040. A more conservative approach would be to remain flat for now. The pair has broken past resistance at 1.4960/70 levels and hence high probability setup is to retrace from here towards the mid 1.4600's.

2. Support is at 1.4780/1.4800, followed by 1.4630, 1.4450/1.4550, and lower, while resistance is at 1.5120 respectively.

3. The structure indicates that GBP/CHF should retrace lower for now, at least towards 1.4650 levels if not further. A bearish reversal candle today would confirm that as well.

Trading recommendations:

Remain short (aggressive setup), stop at 1.5040/50, target is open.

Good luck!

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