Overview: USD/CHF is trading in a range. It is supported by the franc sales in the soft CHF/JPY cross. But CHF sentiment is boosted by a 2.4% on year rise in Switzerland August retail sales. USD/CHF gains are also tempered by flows to the safe-haven franc amid increased investor risk aversion, the franc demand in the soft EUR/CHF cross. Daily chart is mixed as MACD is bearish, but stochastics is in bullish mode, the inside-day-range pattern was completed Tuesday.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.9115 and the second target at 0.9135. In alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.903, the breach of this target will move the pair further downwards and one may expect the second target at 0.901. The pivot point stands at 0.905.
Resistance levels: 0.9115 0.9135 0.917
Support levels: 0.903 0.901 0.8975
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is trading in a range. It is supported by the franc sales in the soft CHF/JPY cross. But CHF sentiment is boosted by a 2.4% on year rise in Switzerland August retail sales. USD/CHF gains are also tempered by flows to the safe-haven franc amid increased investor risk aversion, the franc demand in the soft EUR/CHF cross. Daily chart is mixed as MACD is bearish, but stochastics is in bullish mode, the inside-day-range pattern was completed Tuesday.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.9115 and the second target at 0.9135. In alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.903, the breach of this target will move the pair further downwards and one may expect the second target at 0.901. The pivot point stands at 0.905.
Resistance levels:
0.9115
0.9135
0.917
Support levels:
0.903
0.901
0.8975
The material has been provided by InstaForex Company – www.instaforex.com
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