Technical analysis of USD/CHF for January 22, 2015
January 22, 2015 8:10 amVideo
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Fundamental overview:
USD/CHF is expected to trade in a range. It is undermined by the franc demand on cross trades versus major currencies. But CHF sentiment is dented by the drop in Switzerland ZEW-Credit Suisse indicator of economic sentiment to minus 10.8 in January from minus 4.9 in December. USD/CHF downside is also limited by the positive dollar sentiment and negative Swiss interest rates and threat of SNB CHF-selling intervention.
Technical comment:
Daily chart is mixed as MACD is in bearish mode, but stochastics is neutral.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.8545. A break of this target will move the pair further downward to 0.8445. The pivot point stands at 0.8700. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.8780 and the second target at 0.8840.
Resistance levels:
0.8780
0.8840
0.8910
Support levels:
0.8545
0.8445
0.84
The material has been provided by InstaForex Company – www.instaforex.com
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