Overview:
USD/CHF is expected to trade with bearish bias. It is undermined by the CHF demand on soft AUD/CHF, EUR/CHF and GBP/CHF crosses. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy stance. Daily chart is mixed as MACD is bullish, five-day moving average is above 15-day MA and is advancing, but stochastics is turning neutral.
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 0.88. A breach of this target will move the pair further downwards to 0.8775. The pivot point stands at 0.8845. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8860 and the second target at 0.8880.
Resistance levels:
0.8860
0.8880
0.889
Support levels:
0.88
0.8775
0.875
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 April 24, 2014 . Thanks for your support on Technical analysis of USD/CHF for April 24, 2014
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