Technical analysis of USD/CHF for January 06, 2014
January 6, 2014 4:15 pm
Overview: USD/CHF is to trade in a higher range. Underpinned by the positive dollar sentiment; Switzerland’s PMI dropped to 53.9 in December from 56.5 in November. But the CHF sentiment was soothed by the data suggesting that Switzerland’s KOF economic barometer rose to 1.95 in December from 1.85 in November. Daily chart is positive-biased as MACD and stochastics are bullish.
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 0.9075 and the second target at 0.915 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.898.The breach of this target will move the pair further downwards and one may expect the second target at 0.8955. The pivot point stands at 0.9015.
Resistance levels: 0.9075 0.915 0.9135
Support levels: 0.898 0.8955 0.89
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is to trade in a higher range. Underpinned by the positive dollar sentiment; Switzerland’s PMI dropped to 53.9 in December from 56.5 in November. But the CHF sentiment was soothed by the data suggesting that Switzerland’s KOF economic barometer rose to 1.95 in December from 1.85 in November. Daily chart is positive-biased as MACD and stochastics are bullish.
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 0.9075 and the second target at 0.915 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.898.The breach of this target will move the pair further downwards and one may expect the second target at 0.8955. The pivot point stands at 0.9015.
Resistance levels:
0.9075
0.915
0.9135
Support levels:
0.898
0.8955
0.89
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: