Technical analysis of USD/CHF for Feburary 10, 2014
February 11, 2014 8:05 amVideo
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Overview:
USD/CHF is expected to consolidate with bearish bias after hitting six-day low 0.8956 Friday. It is undermined by franc demand on buoyant CHF/JPY cross and weaker dollar sentiment. But USD/CHF downside is limited by the reduced safe-haven appeal of CHF amid improved investor risk appetite and franc sales on buoyant EUR/CHF cross. Daily chart is negative-biased as MACD and stochastics are bearish.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8955 in mind. A breach of this target will move the pair further downwards to 0.8935. The pivot point stands at 0.9025. In case the price moves in the opposite direction, bounces back from support, and then moves above its pivot point, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended with the first target at 0.906 and the second target at 0.908.
Resistance levels:
0.906
0.908
0.91
Support levels:
0.8955
0.8935
0.89
The material has been provided by InstaForex Company – www.instaforex.com
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