Overview:
USD/CHF is expected to consolidate after hitting a one-month high at 0.9004 on Friday. It is undermined by a weaker USD sentiment. But USD/CHF downside is limited by the franc sales on buoyant EUR/CHF cross and dovish Swiss National Bank's monetary policy. The daily chart is mixed as MACD is bullish, a five-day moving average is above 1a 5-day MA and is advancing, but stochastics is turning bearish to the overbought zone.
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 0.9 and the second target at 0.9015. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8935. A break of this target would push the pair further downwards and one may expect the second target at 0.8910. The pivot point is at 0.8965.
Resistance levels:
0.9
0.9015
0.9040
Support levels:
0.8935
0.8910
0.8895
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 July 21, 2014 . Thanks for your support on Technical analysis of USD/CHF for July 21, 2014
No comments:
Post a Comment