USD/CHF is expected to trade in a lower range. It is undermined by the negative dollar sentiment and franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the loose Swiss National Bank’s monetary policy. Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold zone, five-day moving average is below 15-day MA and is declining.
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. Short position is recommended with the first target at 0.8840. A breach of this target will move the pair further downwards to 0.8825. The pivot point stands at 0.8925. In case the price moves in the opposite direction and bounces back from the support level, and then it moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8940 and the second target at 0.8955.
Resistance levels:
0.8940
0.8955
0.8985
Support levels:
0.8840
0.8825
0.88
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is expected to trade in a lower range. It is undermined by the negative dollar sentiment and franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the loose Swiss National Bank’s monetary policy. Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold zone, five-day moving average is below 15-day MA and is declining.
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. Short position is recommended with the first target at 0.8840. A breach of this target will move the pair further downwards to 0.8825. The pivot point stands at 0.8925. In case the price moves in the opposite direction and bounces back from the support level, and then it moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8940 and the second target at 0.8955.
Resistance levels:
0.8940
0.8955
0.8985
Support levels:
0.8840
0.8825
0.88
The material has been provided by InstaForex Company – www.instaforex.com
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