Overview: USD/CHF is consolidating with bullish bias. The USD/CHF pair is underpinned by bullish dollar sentiment; franc sales on soft CHF/JPY cross. But USD/CHF gains are tempered by franc demand on weak EUR/CHF cross; positions adjustment before weekend. Daily chart is mixed as five-day moving average above 15-day MA and advancing, MACD is bullish; but stochastics is turning bearish at overbought.
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 0.9235 and the second target at 0.9275. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.909 the breach of this target will move the pair further downwards and one may expect the second target at 0.907. The pivot point stands at 0.914.
Resistance levels: 0.9235 0.9275 0.9310
Support levels: 0.909 0.907 0.9045
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is consolidating with bullish bias. The USD/CHF pair is underpinned by bullish dollar sentiment; franc sales on soft CHF/JPY cross. But USD/CHF gains are tempered by franc demand on weak EUR/CHF cross; positions adjustment before weekend. Daily chart is mixed as five-day moving average above 15-day MA and advancing, MACD is bullish; but stochastics is turning bearish at overbought.
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 0.9235 and the second target at 0.9275. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.909 the breach of this target will move the pair further downwards and one may expect the second target at 0.907. The pivot point stands at 0.914.
Resistance levels:
0.9235
0.9275
0.9310
Support levels:
0.909
0.907
0.9045
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: