For Traders

Analytical Reviews

Technical analysis

31.10.201415:16 Forex Analysis & Reviews: Technical analysis of USD/CHF for October 31, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Fundamental overview:

USD/CHF is expected to consolidate after hitting three-week high 0.9613 on Thursday. CHF sentiment is boosted by the stronger-than-expected Switzerland October KOF economic barometer of 99.8 (versus forecast 98.2). USD/CHF is also weighed by the franc demand on buoyant CHF/JPY cross. But USD/CHF downside is limited by the positive USD sentiment, dovish Swiss National Bank's monetary policy and positions adjustment before the weekend.

Technical comments:
Daily chart is mixed as MACD is bearish but stochastics is in a bullish mode.

Trading recommendations:

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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9650 and the second target at 0.9680. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9515. A break of this target would push the pair further downwards and one may expect the second target at 0.9480. The pivot point is at 0.9565.

Resistance levels:
0.9650
0.9680
0.9710

Support levels:
0.9515
0.9480
0.9450

Back to the list

Open trading account

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.