Overview: USD/CHF is trading in a lower range. The rate is undermined by the weak dollar sentiment; CHF demand on soft EUR/CHF cross. Daily chart is negative-biased as MACD is in the bearish mode, stochastics is turning bearish.
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 0.925 in view; the breach of this target will bring the pair downward further and you should expect the second target at 0.9225. The pivot point stands at 0.93. 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 buying position is recommended above its pivot with the first target at 0.933 and the second target at 0.9355.
Overview:
USD/CHF is trading in a lower range. The rate is undermined by the weak dollar sentiment; CHF demand on soft EUR/CHF cross. Daily chart is negative-biased as MACD is in the bearish mode, stochastics is turning bearish.
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 0.925 in view; the breach of this target will bring the pair downward further and you should expect the second target at 0.9225. The pivot point stands at 0.93. 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 buying position is recommended above its pivot with the first target at 0.933 and the second target at 0.9355.
Support levels:
S1 – 0.925
S2 – 0.9225
S3 – 0.92
Resistance levels:
R1 – 0.933
R2 – 0.9355
R3 – 0.938
The material has been provided by InstaForex Company – www.instaforex.com
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