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Technical analysis of USD/CHF for June 22, 2015


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USD/CHF is expected to trade in a lower range. Undermined by franc demand on the soft EUR/CHF cross. But USD/CHF losses are tempered by the negative Swiss interest rates and the threat of the Swiss National Bank CHF-selling intervention.

Technical comment:

The daily chart is negative-biased as the MACD and stochastics are bearish, although the later is at oversold levels, five and 15-day moving averages are declining.

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 0.9145. A break of that target will move the pair further downwards to 0.9105. The pivot point stands at 0.9220. 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 0.9250 and the second target at 0.93.

Resistance levels: 0.9250 0.93 0.9360

Support levels: 0.9145 0.9105 0.9065

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