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    Technical analysis of USD/CHF for March 09, 2015


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    Fundamental overview:
    USD/CHF is expected to consolidate with bullish bias after hitting almost a two-month high of 0.9874 on EBS this morning. USD/CHF is underpinned by the bullish dollar sentiment (ICE spot dollar index hit 11.5-year high 97.828 this morning, last 97.69 versus 96.33 early Friday) after the increase of 295,000 in the US February non-farm payrolls (versus forecast 240,000) and the US February unemployment rate of 5.5% (versus forecast 5.6%), while average hourly earnings rose only by 0.1% (versus forecast 0.2%). The pair is also supported by the negative Swiss interest rates, the threat of the Swiss National Bank to carry out CHF-selling intervention and franc sales on the soft CHF/JPY cross.

    Technical comment:
    The daily chart is positive-biased as the MACD and stochastics are bullish, although the latter is at overbought levels. Five and 15-day moving averages are advancing.

    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 0.99 and the second target at 0.9955. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9720. A break of this target would push the pair further downwards, and one may expect the second target at 0.9680. The pivot point is at 0.9780.

    Resistance levels:

    Support levels:

    Uitgevoerd door, Analytische expert
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