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

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USD/CHF is expected to trade with a bullish bias above 0.9945. Currently trading at 0.9968, the pair is still moving sideways within its range between 1.001 and 0.9945. The intraday relative strength index is mixed, and is calling for caution. Nevertheless, a support base at 0.9945 has formed and has allowed for a temporary stabilisation. To conclude, above 0.9945, the intraday outlook stays positive with targets at 1.0010 and 1.0030 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 1.0010 and the second one at 1.0030. 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 0.9945.

Resistance levels: 1.0010, 1.0030, 1.0070

Support levels: 0.9895, 0.9870, 0.9820



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