USD/CHF is expected to consolidate with bullish bias after hitting almost a three-month high of 0.9626 on Friday. It is underpinned by the positive dollar sentiment, the threat of the Swiss National Bank to carry out CHF-selling intervention, and the negative Swiss interest rates. But USD/CHF gains are tempered by the franc demand on the soft EUR/CHF cross.
Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish, although the latter one is at overbought levels. Five- and 15-day moving averages are advancing.
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 0.9655 and the second target at 0.9690. In the alternative scenario, short positions are recommended with the first target at 0.9535 if the price moves below its pivot points. 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 0.9570.
Resistance levels: 0.9655 0.9690 0.9745
Support levels: 0.9535 0.95 0.9450
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CHF for July 22, 2015 . Thanks for your support.
No comments:
Post a Comment