Overview: USD/CHF is consolidating with bullish bias after hitting a two-week high of 0.9076 Thursday. It is underpinned by positive dollar sentiment. But USD/CHF gains are tempered by the franc demand in the soft EUR/CHF cross; positions adjustment before weekend. Daily chart is positive-biased as MACD and stochastics are in the bullish mode; bullish parabolic stop-and-reverse signal was hit Thursday.
Trading recommendations:
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 0.9145 and the second target at 0.9175. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9045 the breach of this target will move the pair further downwards and one may expect the second target at 0.902. The pivot point stands at 0.907.
Resistance levels: 0.9145 0.9175 0.9210
Support levels: 0.9045 0.902 0.9
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is consolidating with bullish bias after hitting a two-week high of 0.9076 Thursday. It is underpinned by positive dollar sentiment. But USD/CHF gains are tempered by the franc demand in the soft EUR/CHF cross; positions adjustment before weekend. Daily chart is positive-biased as MACD and stochastics are in the bullish mode; bullish parabolic stop-and-reverse signal was hit Thursday.
Trading recommendations:
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 0.9145 and the second target at 0.9175. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9045 the breach of this target will move the pair further downwards and one may expect the second target at 0.902. The pivot point stands at 0.907.
Resistance levels:
0.9145
0.9175
0.9210
Support levels:
0.9045
0.902
0.9
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: