InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Technical analysis of USD/CHF for May 08, 2015

    USDCHFM30.png

    Show full picture

    Fundamental overview:
    USD/CHF is expected to consolidate in a higher range after hitting a three-month low of 0.9065 on Thursday as markets are awaiting the US non-farm payrolls report. USD/CHF is underpinned by the improved USD sentiment, negative Swiss interest rates, and threat of the Swiss National Bank CHF-selling intervention; the franc sales on buoyant EUR/CHF cross. But USD/CHF gains are tempered by the position adjustment ahead of the weekend.

    Technical comment:
    The daily chart is mixed as the MACD is bearish, five-day and 15-day moving averages are declining but stochastic is turned bullish at oversold levels, bullish hammer candlestick pattern was completed on Thursday.

    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. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9280 and the second target at 0.9340. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9135. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9065. The pivot point is at 0.9175.

    Resistance levels:
    0.9280
    0.9340
    0.9375
    Support levels:
    0.9135
    0.9065
    0.9

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree