Technical analysis of USD/CHF for January 23, 2014
January 23, 2014 3:15 pm
Overview:
USD/CHF is trading in a lower range and is expected to continue the trend. It is supported by positive dollar sentiment and a drop in Switzerland ZEW-Credit Suisse indicator of economic sentiment to 36.4 in January from 39.4 in December. Daily chart is mixed as MACD is bullish, 5 and 15-day moving averages are advancing, but stochastics is bearish in overbought zone.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.9 in mind. A breach of this target will move the pair further downwards to 0.898. The pivot point stands at 0.9085. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favourably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.913 and the second target at 0.9155.
Resistance levels:
0.913
0.9155
0.9185
Support levels:
0.9
0.898
0.895
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is trading in a lower range and is expected to continue the trend. It is supported by positive dollar sentiment and a drop in Switzerland ZEW-Credit Suisse indicator of economic sentiment to 36.4 in January from 39.4 in December. Daily chart is mixed as MACD is bullish, 5 and 15-day moving averages are advancing, but stochastics is bearish in overbought zone.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.9 in mind. A breach of this target will move the pair further downwards to 0.898. The pivot point stands at 0.9085. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favourably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.913 and the second target at 0.9155.
Resistance levels:
0.913
0.9155
0.9185
Support levels:
0.9
0.898
0.895
The material has been provided by InstaForex Company – www.instaforex.com
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