Technical analysis of USD/CHF for January 08, 2014
January 8, 2014 12:30 pm
Overview:
USD/CHF is consolidating with bullish bias after hitting one-month high 0.9099 Tuesday. The rate is supported by improved dollar sentiment; franc sales on buoyant EUR/CHF cross. But USD/CHF gains are tempered by franc demand on buoyant CHF/JPY cross. Daily chart is positive-biased as MACD and stochastics are bullish, although latter is at overbought; 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 0.9135 and the second target at 0.9155 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9015.The breach of this target will move the pair further downwards and one may expect the second target at 0.898. The pivot point stands at 0.9045.
Resistance levels:
0.9135
0.9155
0.9185
Support levels:
0.9015
0.898
0.8955
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is consolidating with bullish bias after hitting one-month high 0.9099 Tuesday. The rate is supported by improved dollar sentiment; franc sales on buoyant EUR/CHF cross. But USD/CHF gains are tempered by franc demand on buoyant CHF/JPY cross. Daily chart is positive-biased as MACD and stochastics are bullish, although latter is at overbought; 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 0.9135 and the second target at 0.9155 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9015.The breach of this target will move the pair further downwards and one may expect the second target at 0.898. The pivot point stands at 0.9045.
Resistance levels:
0.9135
0.9155
0.9185
Support levels:
0.9015
0.898
0.8955
The material has been provided by InstaForex Company – www.instaforex.com
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