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05.03.201512:54 Forex Analysis & Reviews: Technical analysis of USD/CHF for March 5, 2015

Long-term review

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Overview:

The USD/CHF pair has not shown signs of following the break of the highest level of 0.9580 and has opened above the daily pivot point today. Therefore, it will be a good sign to buy above the level of 0.9600 with the first target at 0.9725 and resume to 0.9750 today. However, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9580, the market is likely to decline to 0.9434 in order to indicate a correction movement at this level. Meanwhile, the daily chart represents a strong support at 0.9600, moreover the channel emerging of the RSI is still positive on the weekly frame, so the RSI calls for a new uptrend at this level. Additionally, if the EMA50 (blue color) cross over the support at the price of 0.9613, it would be more a confirmation for uptrend in a long term period.

Intraday technical levels:

Date:5/03/2015

Pair:USD/CHF

R3: 0.9759
R2: 0.9718
R1: 0.9675
PP: 0.9634
S1: 0.9591
S2: 0.9550
S3: 0.9507

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