Fundamental overview:
USD/CHF is expected to consolidate with bearish bias. USD/CHF is underpinned by bullish dollar sentiment, negative Swiss interest rates, threat of the Swiss National Bank CHF-selling intervention, and franc sales on soft CHF/JPY cross.
Technical comment:
The daily chart is positive biased as the MACD and stochastics are bullish. Although, the latter is at overbought levels, five-day and 15-day moving averages are advancing.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.9460. A break of that target will move the pair further downwards to 0.9410. The pivot point stands at 0.9545. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9580 and the second target at 0.9630.
Resistance levels:
0.9580
0.9630
0.9675
Support levels:
0.9460
0.9410
0.9365
The material has been provided by InstaForex Company - www.instaforex.com
