Technical analysis of USD/CHF for January 29, 2014
January 29, 2014 5:05 am
Overview:
USD/CHF is expected to consolidate with bullish bias as markets await U.S. FOMC interest rate decision. USD/CHF is supported by the franc sales on buoyant EUR/CHF cross and reduced in safe-haven appeal of franc as worries receded over emerging-market countries. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross. Daily chart is mixed as MACD is bearish, five-day moving average is below 15-day MA and declining, but stochastics is turning bullish in oversold 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 0.904 and the second target at 0.908. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8925. A breach of this target will push the pair further downwards and one may expect the second target at 0.8925. The pivot point is at 0.895.
Resistance levels:
0.904
0.908
0.812
Support levels:
0.8925
0.89
0.888
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is expected to consolidate with bullish bias as markets await U.S. FOMC interest rate decision. USD/CHF is supported by the franc sales on buoyant EUR/CHF cross and reduced in safe-haven appeal of franc as worries receded over emerging-market countries. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross. Daily chart is mixed as MACD is bearish, five-day moving average is below 15-day MA and declining, but stochastics is turning bullish in oversold 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 0.904 and the second target at 0.908. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8925. A breach of this target will push the pair further downwards and one may expect the second target at 0.8925. The pivot point is at 0.895.
Resistance levels:
0.904
0.908
0.812
Support levels:
0.8925
0.89
0.888
The material has been provided by InstaForex Company – www.instaforex.com
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