Technical analysis of USD/CHF for March 19, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade with bearish bias. USD/CHF is undermined by negative dollar sentiment, the swissie demand on buoyant the CHF/JPY cross, and rise in Switzerland ZEW-Credit Suisse indicator of economic sentiment to -37.9 in March from -73.0 in February. But USD/CHF losses are tempered by negative Swiss interest rates and threat of the Swiss National Bank. CHF-selling intervention.

Technical comment:
The daily chart is tilting negative as stochastics is falling from overbought levels, the MACD staging bearish crossover against its exponential moving average; bearish parabolic stop-and-reverse signal was hit on Wednesday.

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 0.9850. A break of that target will move the pair further downwards to 0.9760. The pivot point stands at 1. 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 1.009 and the second target at 1.0120.

Resistance levels:

1.009

1.0120

1.0160

Support levels:

0.9850

0.9765

0.97

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