Overview: The USD/CHF is to trade in higher range. Financial markets in Switzerland shut today for Ascension Day. The USD/CHF undermined by CHF demand on retreating EUR/CHF cross, and on buoyant the CHF/JPY cross amid positive global risk sentiment. Daily chart mixed as the MACD bullish, but stochastics turning bearish.
Trading recommendations: The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.9436 and the second target at 0.9455. You should keep in view short position below the pivot keep of the first target at 0.9334, breach of this target will move the pair downward further and expect the second target at 0.9309. The pivot point stands at 0.9375.
Overview:
The USD/CHF is to trade in higher range. Financial markets in Switzerland shut today for Ascension Day. The USD/CHF undermined by CHF demand on retreating EUR/CHF cross, and on buoyant the CHF/JPY cross amid positive global risk sentiment. Daily chart mixed as the MACD bullish, but stochastics turning bearish.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.9436 and the second target at 0.9455. You should keep in view short position below the pivot keep of the first target at 0.9334, breach of this target will move the pair downward further and expect the second target at 0.9309. The pivot point stands at 0.9375.
Support levels:
S1 – 0.9334 (Wednesday’s low, matching Monday’s low)
S2 – 0.9309 (Friday’s low)
S3 – 0.9261 (May 2 low)
Resistance levels:
R1 – 0.9436 (Tuesday’s high)
R2 – 0.9455 (April 26 high)
R3 – 0.9475
The material has been provided by InstaForex Company – www.instaforex.com
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