Overview: USD/CHF is trading with descending risk. It is undermined by the weaker dollar sentiment; flows to the safe-haven franc on increased expectations of U.S. military action against Syria. Daily chart is mixed as MACD is flat, stochastics is neutral. The inside-day-range pattern was completed on Monday.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short positions are recommended with the first target at 0.9185 in view; a breach of this target will move the pair downwards further and you should expect the second target at 0.916. The pivot point stands at 0.9245. In case the price moves in the opposite direction, returns from its support, and moves above its pivot point, then trading in a higher range is the most favorable and positions buying is recommended above its pivot with the first target at 0.9265 and the second target at 0.929.
Overview:
USD/CHF is trading with descending risk. It is undermined by the weaker dollar sentiment; flows to the safe-haven franc on increased expectations of U.S. military action against Syria. Daily chart is mixed as MACD is flat, stochastics is neutral. The inside-day-range pattern was completed on Monday.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short positions are recommended with the first target at 0.9185 in view; a breach of this target will move the pair downwards further and you should expect the second target at 0.916. The pivot point stands at 0.9245. In case the price moves in the opposite direction, returns from its support, and moves above its pivot point, then trading in a higher range is the most favorable and positions buying is recommended above its pivot with the first target at 0.9265 and the second target at 0.929.
Support levels:
S1 – 0.9185
S2 – 0.916
S3 – 0.9125
Resistance levels:
R1 – 0.9265
R2 – 0.929
R3 – 0.9345
The material has been provided by InstaForex Company – www.instaforex.com
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