Fundamental overview:
USD/CHF is expected to trade with risks skewed lower. It is undermined by the weaker USD sentiment (ICE spot dollar index last 93.77 versus 94.56 early Tuesday) on a 3.4% drop in the U.S. December factory orders (versus forecast -2.5%). But the USD/CHF losses are tempered by the negative Swiss interest rates and by the threat of the Swiss National Bank's CHF-selling intervention.
Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are in bullish move; five-day moving average is above 15-day moving average and is advancing.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.9160. A break of this target will move the pair further downward to 0.9075. The pivot point stands at 0.9290. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.9365 and the second target at 0.9435.
Resistance levels:
0.9365
0.9435
0.9465
Support levels:
0.9160
0.9075
0.8985
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CHF for February 04, 2015 . Thanks for your support.
No comments:
Post a Comment