Show full picture
Overview:
USD/CHF is expected to consolidate with bullish bias after hitting near-six-month high at 0.9074 on Tuesday as markets await FOMC’s interest rate decision. USD/CHF is supported by the positive dollar sentiment, dovish Swiss National Bank’s monetary policy and franc sales on soft CHF/JPY cross and on buoyant EUR/CHF cross. Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought zone, five and 15-day moving averages are advancing.
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.91 and the second target at 0.9130. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9. A break of this target would push the pair further downwards and one may expect the second target at 0.8965. The pivot point is at 0.9025.
Resistance levels:
0.91
0.9130
0.9160
Support levels:
0.9
0.8965
0.8935
| ||
Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of USD/CHF for July 30, 2014
No comments:
Post a Comment