Technical analysis of USD/CHF for January 20, 2014
January 20, 2014 4:15 pm
Overview: USD/CHF is expected trade in higher range. It is supported by broadly stronger dollar undertone, tame Switzerland December PPI (fell 0.2% on year) and franc sales on the weak CHF/JPY cross. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross. Daily chart is positive-biased as MACD and stochastics both 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 0.915 and the second target at 0.9185 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9055.A breach of this target will move the pair further downwards and one may expect the second target at 0.9035. The pivot point stands at 0.908.
Resistance levels: 0.915 0.9185 0.921
Support levels: 0.9055 0.9035 0.9
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is expected trade in higher range. It is supported by broadly stronger dollar undertone, tame Switzerland December PPI (fell 0.2% on year) and franc sales on the weak CHF/JPY cross. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross. Daily chart is positive-biased as MACD and stochastics both 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 0.915 and the second target at 0.9185 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9055.A breach of this target will move the pair further downwards and one may expect the second target at 0.9035. The pivot point stands at 0.908.
Resistance levels:
0.915
0.9185
0.921
Support levels:
0.9055
0.9035
0.9
The material has been provided by InstaForex Company – www.instaforex.com
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