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    Technical analysis of USD/CHF for April 02, 2015

    USDCHFM30.png

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    Fundamental overview:
    USD/CHF is expected to trade in lower range. Swissie sentiment is boosted by the stronger-than-expected Switzerland March PMI of 47.9 (versus forecast 47.2). USD/CHF also weighed by negative dollar sentiment ICE spot dollar index last 98.12 versus 98.40 early Wednesday) on fewer-than-expected 189,000 increase in ADP March US private sector jobs (versus forecast 225,000), worse-than-expected drop in the US ISM manufacturing PMI to 51.5 in March from 52.9 in February (versus forecast 52.5). But USD/CHF losses are tempered by the negative Swiss interest rates and threat of the Swiss National bank CHF-selling intervention.

    Technical comment:
    The daily chart is mixed as the MACD bearish, but stochastics is in bullish mode.

    Trading recommendations:
    The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.9525. A break of that target will move the pair further downwards to 0.9490. The pivot point stands at 0.9635. 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 0.9705 and the second target at 0.9765.

    Resistance levels:
    0.9705
    0.9765
    0.9810

    Support levels:
    0.9525
    0.9490
    0.9435

    Uitgevoerd door, Analytische expert
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