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GBP/USD Intraday Technical Analysis

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Fundamental overview:

USD/CHF is expected to trade in a lower range. It is undermined by the broadly weaker dollar undertone (ICE spot dollar index last 94.56 versus 95.08 early Tuesday) amid lower US Treasury yields (10-year at 2.247% versus 2.272% late Monday) and higher oil prices (Nymex crude settled up $1.50 at $60.75/bbl on Tuesday) and fewer-than-expected 4.99 million US March job openings (versus forecast 5.1 million). But USD/CHF downside is limited 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 is bearish, but stochastic is rising from the oversold levels.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9060. A break of that target will move the pair further downwards to 0.8970. The pivot point stands at 0.9190. 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 0.9240 and the second target at 0.9295.

Resistance levels:
0.9240
0.9295
0.9345
Support levels:
0.9060
0.8970
0.89

Uitgevoerd door, Analytische expert
InstaForex Group © 2007-2015


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