Overview: USD/CHF is trading in lower range. The rate is supported by positive dollar sentiment; franc sales on buoyant EUR/CHF cross; residual effect of Swiss National Bank President Thomas Jordan’s comments last week that the SNB is open to weakening its currency further against the euro and would even consider negative interest rates if necessary. Daily chart is positive-biased as MACD is in bullish mode, stochastics is turning bullish.
Trading recommendations:
The pair is trading below its pivot point. 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 0.9585 in view, breach of this target will move further the pair downward and you should expect the second target at 0.9545. Pivot point stands at 0.9705. In case the price moves in opposite direction and returns from its support and moves above its pivot point, then trading in higher range is the most favorable and buy position is recommended above its pivot with the first target at 0.9735 and the second target at 0.9785.
Overview:
USD/CHF is trading in lower range. The rate is supported by positive dollar sentiment; franc sales on buoyant EUR/CHF cross; residual effect of Swiss National Bank President Thomas Jordan’s comments last week that the SNB is open to weakening its currency further against the euro and would even consider negative interest rates if necessary. Daily chart is positive-biased as MACD is in bullish mode, stochastics is turning bullish.
Trading recommendations:
The pair is trading below its pivot point. 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 0.9585 in view, breach of this target will move further the pair downward and you should expect the second target at 0.9545. Pivot point stands at 0.9705. In case the price moves in opposite direction and returns from its support and moves above its pivot point, then trading in higher range is the most favorable and buy position is recommended above its pivot with the first target at 0.9735 and the second target at 0.9785.
Resistance levels:
R1 – 0.9735
R2 – 0.9785
R3 – 0.981
Support levels:
S1 – 0.9585
S2 – 0.9545
S3 – 0.95
The material has been provided by InstaForex Company – www.instaforex.com
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