Overview: USD/CHF is consolidating with bullish bias after hitting a two-week high of 0.9127 Wednesday. It is supported by improved dollar sentiment, the franc sales in the buoyant EUR/CHF cross. Daily chart is positive-biased as bullish outside-day-range pattern was completed Wednesday; stochastics is rising from oversold zone; MACD staged bullish crossover against its exponential moving average; bullish parabolic stop-and-reverse signal hit Wednesday.
Trading recommendation: 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 0.9135 and the second target at 0.9155. In alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9065, the breach of this target will move the pair further downwards and one may expect the second target at 0.905. The pivot point stands at 0.909.
Support levels: 0.9135 0.9155 0.918
Resistance levels: 0.9065 0.905 0.9
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
USD/CHF is consolidating with bullish bias after hitting a two-week high of 0.9127 Wednesday. It is supported by improved dollar sentiment, the franc sales in the buoyant EUR/CHF cross. Daily chart is positive-biased as bullish outside-day-range pattern was completed Wednesday; stochastics is rising from oversold zone; MACD staged bullish crossover against its exponential moving average; bullish parabolic stop-and-reverse signal hit Wednesday.
Trading recommendation:
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 0.9135 and the second target at 0.9155. In alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9065, the breach of this target will move the pair further downwards and one may expect the second target at 0.905. The pivot point stands at 0.909.
Support levels:
0.9135
0.9155
0.918
Resistance levels:
0.9065
0.905
0.9
The material has been provided by InstaForex Company – www.instaforex.com
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