Technical analysis of USD/CHF for Feburary 03, 2014
February 3, 2014 3:45 pm
Overview:
USD/CHF is expected to trade in a higher range. It is supported by the positive dollar sentiment and the franc sales on soft CHF/JPY cross. But USD/CHF gains are tempered by the flows to the safe-haven Swiss franc as concerns over emerging markets still persist and the franc demand on soft EUR/CHF cross. Daily chart is positive-biased as stochastics is rising from oversold zone and negative MACD histogram bars are contracting.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.908 and the second target at 0.91. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.898. A breach of this target will push the pair further downwards and one may expect the second target at 0.8955. The pivot point is at 0.9005.
Resistance levels:
0.908
0.91
0.912
Support levels:
0.898
0.8955
0.8925
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is expected to trade in a higher range. It is supported by the positive dollar sentiment and the franc sales on soft CHF/JPY cross. But USD/CHF gains are tempered by the flows to the safe-haven Swiss franc as concerns over emerging markets still persist and the franc demand on soft EUR/CHF cross. Daily chart is positive-biased as stochastics is rising from oversold zone and negative MACD histogram bars are contracting.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.908 and the second target at 0.91. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.898. A breach of this target will push the pair further downwards and one may expect the second target at 0.8955. The pivot point is at 0.9005.
Resistance levels:
0.908
0.91
0.912
Support levels:
0.898
0.8955
0.8925
The material has been provided by InstaForex Company – www.instaforex.com
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