Fundamental overview:
USD/CHF is expected to consolidate with a bullish bias. It is supported by contagion from weak EUR on CHF; dovish Swiss National Bank's monetary policy; franc sales on soft AUD/CHF and NZD/CHF crosses. But USD/CHF gains are tempered by the franc demand on weak GBP/CHF and EUR/CHF crosses. Daily chart mixed as MACD bullish, but stochastics falling from overbought levels.
Technical comments:
Daily chart mixed as MACD bullish, but stochastics falling from overbought levels.
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 0.97 and the second target at 0.9740. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9580. A break of this target would push the pair further downwards and one may expect the second target at 0.9540. The pivot point is at 0.9610.
Resistance levels:
0.97
0.9740
0.9775
Support levels:
0.9580
0.9540
0.95
The material has been provided by InstaForex Company - www.instaforex.com
