Technical analysis of GBP/CHF for July 31, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading lower again around 1.5100 now after being just shy of a high at 11.5183 yesterday. The pair remained just shy of 1.5200, and has produced a pin bar reversal candlestick on the daily chart, indicating the potential reversal is ahead. It is recommended to exit longs and remain flat for now. Immediate support is seen at 1.4950 followed by 1.4800, 1.4550, and lower, while resistance is seen at 1.5200 and higher. The pair could produce a meaningful retracement before resuming the uptrend it seems.

Trading recommendations:

Remain flat for now.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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