Overview:
USD/CHF is expected to range-trade. It is supported by the franc sales on rebounding EUR/CHF and soft CHF/JPY crosses. But the USD/CHF upside move is limited by flows to the safe-haven franc amid concerns over emerging markets, traders are cautious before the Fed's policy announcement on Wednesday. Daily chart is still negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day MA and is declining, although inside-day-range pattern is completed on Monday.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.8925 in mind. A breach of this target will move the pair further downwards to 0.89. The pivot point stands at 0.899. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favourably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.9015 and the second target at 0.904.
Resistance levels:
0.9015
0.904
0.908
Support levels:
0.8925
0.89
0.888
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CHF for January 28, 2014 . Thanks for your support on Technical analysis of USD/CHF for January 28, 2014
No comments:
Post a Comment