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Technical analysis of USD/CHF for March 01, 2016 2016-03-01

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USD/CHF is expected to trade with a bullish bias above 0.9945. The pair managed to hold above its nearest key support at 0.9940, and is likely to post a new rebound on this threshold. The relative strength index lacks downward momentum. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited. As long as 0.9940 is not broken, further upsides are expected to 1.0030 and 1.0070 in extension.

Trading Recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 1.0030 and the second one at 1.0070. In the alternative scenario, short positions are recommended with the first target at 0.9895 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9870. The pivot point is at 0.9940.

Resistance levels: 1.0030, 1.0070, 1.0110

Support levels: 0.9895, 0.9870, 0.9820



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