Overview: USD/CHF is trading in higher range. The rate is underpinned by positive dollar sentiment; widening USD-CHF interest differential. Daily chart is positive-biased as bullish outside-day-range pattern was completed on Friday; stochastics is rising from oversold; MACD is staging bullish crossover against its exponential moving average.
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 0.938 and the second target at 0.9415. You should keep in view short position below the pivot keep of the first target at 0.924, breach of this target will move the pair downward further and expect the second target at 0.92. The pivot point stands at 0.929.
Overview:
USD/CHF is trading in higher range. The rate is underpinned by positive dollar sentiment; widening USD-CHF interest differential. Daily chart is positive-biased as bullish outside-day-range pattern was completed on Friday; stochastics is rising from oversold; MACD is staging bullish crossover against its exponential moving average.
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 0.938 and the second target at 0.9415. You should keep in view short position below the pivot keep of the first target at 0.924, breach of this target will move the pair downward further and expect the second target at 0.92. The pivot point stands at 0.929.
Resistance levels:
R1 – 0.938
R2 – 0.9415
R3 – 0.943
Support levels:
S1 – 0.924
S2 – 0.92
S3 – 0.9175
The material has been provided by InstaForex Company – www.instaforex.com