USD/CHF is expected to trade in a lower range. From the viewpoint of Chartist, the pair remains on the downside and under pressure below its key resistance at 0.9590. The intraday RSI is mixed to bearish. Moreover, the 20- and 50-period MAs play resistance roles, which should limit any upside room. To conclude, as long as 0.9590 is not surpassed, look for a continuation of the decline toward 0.9485 and 0.9455 in extension.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9485. A breakout of that target will move the pair further downwards to 0.9455. The pivot point stands at 0.9590. 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, long positions are recommended with the first target at 0.9650 and the second target at 0.9690.
Resistance levels: 0.9650 0.9690 0.9730
Support levels: 0.9485 0.9455 0.94
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 October 14, 2015 . Thanks for your support.
No comments:
Post a Comment