Technical analysis of USD/CHF for January 10, 2014

Overview:

USD/CHF is consolidating
in a higher range as markets
are awaiting the U.S. nonfarm payrolls
report. USD/CHF is undermined by the weaker dollar sentiment, the franc demand in the
soft EUR/CHF cross. But the
USD/CHF losses areВ tempered by positions adjustment
before the weekend.
Daily chart isВ mixed as MACD is bullish,
but stochastics turned bearish in overbought zone.

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 0.9015. A breach of this target
will move the pair further downwards and one may expect the second target at
0.8985. The pivot point stands at 0.9045.

Resistance levels:

0.911

0.9135

0.9155

Support levels:

0.9015

0.8985

0.895В 

The material has been provided by InstaForex Company – www.instaforex.com