Overview:
USD/CHF is expected to consolidate in a higher range after hitting near-seven-week high at 0.9027 on Tuesday. It is supported by the positive dollar sentiment, dovish Swiss National Bank's monetary policy, and contagion from wear EUR. The daily chart is positive-biased as MACD is bullish, stochastics stays elevated in the overbought zone, a five-day moving average is above 15-day MA and is advancing.
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 0.9045 and the second target at 0.9075. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8965. A break of this target would push the pair further downwards and one may expect the second target at 0.8935. The pivot point is at 0.8900.
Resistance levels:
0.9045
0.9075
0.91
Support levels:
0.8965
0.8935
0.8910
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 23, 2014 . Thanks for your support on Technical analysis of USD/CHF for July 23, 2014
No comments:
Post a Comment