Technical analysis of USD/CHF for January 07, 2014
January 7, 2014 3:45 pm
Overview: USD/CHF will consolidate after hitting one-month high 0.9070 Monday undermined by weaker dollar sentiment. But USD/CHF losses are tempered by franc sales on buoyant EUR/CHF cross. Data focus: 0800 GMT Switzerland December SNB foreign currency reserves. Daily chart is still positive-biased as MACD and stochastics are in bullish mode, and five-day moving average is above 15-day MA and advancing.
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 0.9105 and the second target at 0.9135 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: 0.9105 0.9135 0.915
Support levels: 0.898 0.8955 0.89
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF will consolidate after hitting one-month high 0.9070 Monday undermined by weaker dollar sentiment. But USD/CHF losses are tempered by franc sales on buoyant EUR/CHF cross. Data focus: 0800 GMT Switzerland December SNB foreign currency reserves. Daily chart is still positive-biased as MACD and stochastics are in bullish mode, and five-day moving average is above 15-day MA and advancing.
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 0.9105 and the second target at 0.9135 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:
0.9105
0.9135
0.915
Support levels:
0.898
0.8955
0.89
The material has been provided by InstaForex Company – www.instaforex.com
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