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    Technical analysis of USD/CHF for April 13, 2015

    USDCHFM30.png

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    Fundamental overview:
    USD/CHF is expected to consolidate with bullish bias after hitting a three-week high of 0.9838 on Friday. It is supported by the positive dollar sentiment (ICE spot dollar index last 99.28 versus 98.97 early Friday) amid investors' confidence over the US economy recovery and expectations of interest-rate hike in the second half of 2015 (Fed's Lacker reiterated Friday that he sees a strong case for the US central bank to begin raising short-term rates this summer), negative Swiss interest rates, and threat of the Swiss National Bank CHF-selling intervention. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross.

    Technical comment:

    The daily chart is positive-biased as the MACD and stochastic are bullish, a five-day moving average is above a 15-day moving average and is advancing.

    Trading recommendations:
    The pair is trading above its pivot point. It is likely to trade in a wider range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 0.9870 and the second target at 0.9810. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9665. A break of this target would push the pair further downwards, and one may expect the second target at 0.9595. The pivot point is at 0.9720.

    Resistance levels:
    0.9870
    0.9940
    0.9985

    Support levels:
    0.9665
    0.9595
    0.9530

    Uitgevoerd door, Analytische expert
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