USD/CHF: under pressure (July 11,2013)
July 11, 2013 7:58 amVideo
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Overview:
The USD/CHF is to trade with bearish bias. It is undermined by negative USD sentiment; franc demand on retreating EUR/CHF cross. The daily chart is negative-biased as stochastics falling from overbought; positive MACD histogram bars contracting; bearish parabolic stop-and-reverse signal hit at 0.9578 this morning.
Trading recommendation:
The pair is trading below its pivot point. It is is likely to trade in lower range as far as it remains below its pivot point. The short position is recommended with the first target at 0.94 in view; the breach of this target will move further the pair downward and you should expect the second target at 0.936. The pivot point stands at 0.953. In case the price moves in the opposite direction, 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 0.958 and the second target at 0.962.
Support levels:
S1 – 0.94
S2 – 0.936
S3 – 0.932
Resistance levels:
R1 – 0.958
R2 – 0.962
R3 – 0.965
The material has been provided by InstaForex Company – www.instaforex.com
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