Technical analysis of USD/CHF for January 09, 2014
January 9, 2014 2:15 pm
Overview:
USD/CHF is consolidating with bullish bias after hitting six-week high 0.9126 Wednesday. It is supported by positive dollar sentiment; franc sales in soft CHF/JPY cross. But USD/CHF gains are tempered by caution before Friday’s U.S. December non-farm payroll report. Daily chart is positive-biased as MACD and stochastics are bullish, although the latter in overbought territory; the five-day moving average is above the 15-day MA and advancing.В В
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 0.911 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 0.9045.The breach of this target will move the pair further downwards and one may expect the second target at 0.9015. The pivot point stands at 0.907.В
Resistance levels:В
0.911
0.9135
0.9155
Support levels:В
0.9045
0.9015В
0.898
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is consolidating with bullish bias after hitting six-week high 0.9126 Wednesday. It is supported by positive dollar sentiment; franc sales in soft CHF/JPY cross. But USD/CHF gains are tempered by caution before Friday’s U.S. December non-farm payroll report. Daily chart is positive-biased as MACD and stochastics are bullish, although the latter in overbought territory; the five-day moving average is above the 15-day MA and advancing.В В
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 0.911 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 0.9045.The breach of this target will move the pair further downwards and one may expect the second target at 0.9015. The pivot point stands at 0.907.В
Resistance levels:В
0.911
0.9135
0.9155
Support levels:В
0.9045
0.9015В
0.898
The material has been provided by InstaForex Company – www.instaforex.com
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