Overview: The USD/CHF is to consolidate with bullish bias after hitting one-month high of 0.9529 Tuesday. Underpinned by positive USD sentiment, the USD/CHF gains tempered by franc demand on retreating EUR/CHF cross. The daily chart is positive-biased as the MACD is bullish, stochastics stays elevated at overbought; 5- & 15-day moving averages are rising.
Trading recommendations: The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.954 and the second target at 0.958. You should keep in view short position below the pivot keep of the first target at 0.943, the breach of this target will move the pair downward further and expect the second target at 0.94. The pivot point stands at 0.946.
Overview:
The USD/CHF is to consolidate with bullish bias after hitting one-month high of 0.9529 Tuesday. Underpinned by positive USD sentiment, the USD/CHF gains tempered by franc demand on retreating EUR/CHF cross. The daily chart is positive-biased as the MACD is bullish, stochastics stays elevated at overbought; 5- & 15-day moving averages are rising.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.954 and the second target at 0.958. You should keep in view short position below the pivot keep of the first target at 0.943, the breach of this target will move the pair downward further and expect the second target at 0.94. The pivot point stands at 0.946.
Resistance levels:
R1 – 0.954
R2 – 0.958
R3 – 0.962
Support levels:
S1 – 0.943
S2 – 0.94
S3 – 0.9375
The material has been provided by InstaForex Company – www.instaforex.com
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