Overview: USD/CHF is consolidating with bearish bias after hitting three-week high of 0.9498 on Wednesday. The rate is supported by speculation that Swiss National Bank might move its euro/Swissie floor up to 1.2500 from 1.2000. But USD/CHF gains tempered by CHF demand on buoyant CHF/JPY as weak yen sentiment supports the cross; weaker USD sentiment. Daily chart is positive-biased as MACD and stochastics are bullish; five-day moving average is above 15-day MA and rising.
Trading recommendations: The pair is trading below its pivot point at 151.92. The pair is likely to trade in lower range as far as it remains below its pivot point. Short position is recommended with the first target at 151.2 in view, breach of this target will further move the pair downward and expect the second target at 0.9410. Pivot point stands at 0.9384. In case the price moves in opposite direction and returns from its support and moves above its pivot point then it will be most favorably to trade in higher range and buy position is recommended above its pivot with first target at 152.85 and second target at 153.6.
Support levels: S1 – 0.9410, S2 – 0.9384 (200-day moving average), S3 – 0.9325 (Tuesday’s low) Resistance levels: R1 – 0.9526 (April 4 high), R2 – 0.9547-0.9553 band (March 28 high-March 27 high), R3 – 0.9567 (six-month high when hit March 14).
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is consolidating with bearish bias after hitting three-week high of 0.9498 on Wednesday. The rate is supported by speculation that Swiss National Bank might move its euro/Swissie floor up to 1.2500 from 1.2000. But USD/CHF gains tempered by CHF demand on buoyant CHF/JPY as weak yen sentiment supports the cross; weaker USD sentiment. Daily chart is positive-biased as MACD and stochastics are bullish; five-day moving average is above 15-day MA and rising.
Trading recommendations:
The pair is trading below its pivot point at 151.92. The pair is likely to trade in lower range as far as it remains below its pivot point. Short position is recommended with the first target at 151.2 in view, breach of this target will further move the pair downward and expect the second target at 0.9410. Pivot point stands at 0.9384. In case the price moves in opposite direction and returns from its support and moves above its pivot point then it will be most favorably to trade in higher range and buy position is recommended above its pivot with first target at 152.85 and second target at 153.6.
Support levels:
S1 – 0.9410, S2 – 0.9384 (200-day moving average), S3 – 0.9325 (Tuesday’s low)
Resistance levels:
R1 – 0.9526 (April 4 high), R2 – 0.9547-0.9553 band (March 28 high-March 27 high), R3 – 0.9567 (six-month high when hit March 14).
The material has been provided by InstaForex Company – www.instaforex.com
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