Technical Outlook and Chart Setup:
As depicted above, GBP/CHF has climbed towards the dropping line of resistance. A bearish signal activity here would turn around the single currency pair down towards at least 1.5000 level in the upcoming sessions. A clear break of this dropping line of resistance would indicate that a bottom is in place near 1.5100 level and that the pair is ready to register fresh highs. We favour declines towards 1.5000 level in August. Resistance is placed at 1.54 level while support is at 1.5100 level.
Trading Recommendations:
Keep shorts taken last week, stop 1.5400, target 1.5000.
Good Luck!
