Technical analysis of USD/CHF for January 22, 2014
January 22, 2014 3:15 pm
Overview:
USD/CHF is expected to trade in higher range after hitting two-month high 0.9156 on Monday. It is undermined by the broadly weaker dollar undertone and franc demand on retreating EUR/CHF cross. Daily chart is mixed as MACD is bullish, 5 and 15 day moving averages are advancing, but stochastics is 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 0.9155 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: 0.9155 0.9185 0.9225
Support levels: 0.9055 0.9035 0.9
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is expected to trade in higher range after hitting two-month high 0.9156 on Monday. It is undermined by the broadly weaker dollar undertone and franc demand on retreating EUR/CHF cross. Daily chart is mixed as MACD is bullish, 5 and 15 day moving averages are advancing, but stochastics is 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 0.9155 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:
0.9155
0.9185
0.9225
Support levels:
0.9055
0.9035
0.9
The material has been provided by InstaForex Company – www.instaforex.com
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