Overview: USD/CHF is trading in higher range after hitting near-three-week high 0.9151 on Monday. The rate is undermined by weaker dollar sentiment; franc demand on soft EUR/CHF cross. Data focus: 08:15 GMT Switzerland October CPI. Daily chart is still positive-biased as MACD and stochastics are bullish, five-day moving average is above 15-day MA and advancing; although bearish dark-cloud-cover candlestick pattern was completed on Monday.
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 0.907 the breach of this target will move the pair further downwards and one may expect the second target at 0.9045. The pivot point stands at 0.909.
Resistance levels: 0.9145 0.9175 0.9210
Support levels: 0.907 0.9045 0.902 0.9
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is trading in higher range after hitting near-three-week high 0.9151 on Monday. The rate is undermined by weaker dollar sentiment; franc demand on soft EUR/CHF cross. Data focus: 08:15 GMT Switzerland October CPI. Daily chart is still positive-biased as MACD and stochastics are bullish, five-day moving average is above 15-day MA and advancing; although bearish dark-cloud-cover candlestick pattern was completed on Monday.
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 0.907 the breach of this target will move the pair further downwards and one may expect the second target at 0.9045. The pivot point stands at 0.909.
Resistance levels:
0.9145
0.9175
0.9210
Support levels:
0.907
0.9045
0.902
0.9
The material has been provided by InstaForex Company – www.instaforex.com
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