Overview:
USD/CHF is expected to trade with risks skewed lower. It is undermined by the negative U.S. dollar sentiment. But the USD/CHF downside is limited by the franc sales on soft CHF/JPY cross. Daily chart is negative-biased as MACD and stochastics are bearish.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8935 in mind. A breach of this target will move the pair further downwards to 0.89. The pivot point stands at 0.898. In case the price moves in the opposite direction, bounces back from support level, and then moves above its pivot point, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended with the first target at 0.9 and the second target at 0.9025.
Resistance levels:
0.9
0.9025
0.9055
Support levels:
0.8935
0.89
0.8855
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CHF for Feburary 11, 2014 . Thanks for your support on Technical analysis of USD/CHF for Feburary 11, 2014
No comments:
Post a Comment