Trading Conditions
Products
Tools
Overview:
USD/CHF is expected to consolidate with bullish bias after hitting one-week low at 0.8812 on Tuesday. It is undermined by the franc demand on the buoyant CHF/JPY cross and softer dollar sentiment. But CHF sentiment is dented by the worse-than-expected drop in Switzerland PMI to 54.1 in March from 57.6 in February (versus 56.3 forecast). USD/CHF downside is also limited by the dovish monetary policy of the Swiss National Bank's stance. Daily chart is mixed as MACD is bullish, but stochastics is bearish at overbought zone.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.89 and the second target at 0.8930. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8785. A breach of this target will push the pair further downwards and one may expect the second target at 0.8760. The pivot point is at 0.8810.
Resistance levels:
0.89
0.8930
0.8960
Support levels:
0.8785
0.8760
0.8730
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.