Fundamental overview:
USD/CHF is expected to trade in a higher range. Swissie sentiment is hurt after the Swiss National Bank announced that it had expanded the number of groups subject to negative rates on money deposited with the SNB adding the federal and central bank pension funds, which would be charged by 0.75% fee on deposits exceeding 10 million Swiss francs. USD/CHF is also supported by the swissie sales on cross trades versus major currencies and threat of the Swiss National Bank CHF-selling intervention and improved dollar sentiment. But swissie sentiment is soothed by a rise in Switzerland ZEW - Credit Suisse indicator of economic sentiment to - 23.2 in April from - 37.9 in March.
Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastic is rising from oversold levels.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9720 and the second target at 0.9770. In the alternative scenario, in case the price moves below its pivot points, short positions are recommended with the first target at 0.9550. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.95. The pivot point is at 0.9590.
Resistance levels:
0.9720
0.9770
0.9825
Support levels:
0.9550
0.950
0.9445
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CHF for April 23, 2015 . Thanks for your support.
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