The pair was rejected at 50-week SMA. So far this week, the pair made a double top at 0.9013 levels, above this, it has strong resistance at 0.9037 levels. It made a base at 0.8898 levels, holding 21-week EMA. This month the trading pattern is framed between 0.8898-0.9037. A breakout either side will create some more room for trading.
On the upper side, if the pair breaches 0.9037, it can fly up to 0.9082, 0.9157, 0.9198 and 0.9439 levels for the rest of the year. On the lower side, if it hits 0.8898, it will correct up to 0.8867, 0.8830 and 0.87 levels.
For intraday basis, the pair rejected at 200-day EMA (0.8987). It exactly hit the 200EMA and is trading below that. Traders can buy above 0.8987 for targets 0.9004 and 0.9013 levels. The support level is at 0.8965, below this, 0.8960 will act as minor support. Sellers can start to trade below 0.8960 for 0.8940, 0.8930 and 0.8910 levels.
Recommendations-
Buy above 0.8989 for targets at 0.9004, 0.9013 and 0.9035.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Short-term forecast and intraday recommendations on USD/CHF for June 17, 2014 . Thanks for your support on Short-term forecast and intraday recommendations on USD/CHF for June 17, 2014
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