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    USD/CAD Elliott Wave Count for June 5, 2012


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    Fundamental overview:
    USD/CHF is expected to consolidate with bullish bias after hitting a two-week high of 0.9406 on Wednesday. It is underpinned by the positive dollar sentiment, negative Swiss interest rates and the threat of the Swiss National Bank CHF-selling intervention. But swissie sentiment is boosted by a rise in Switzerland ZEW - Credit Suisse indicator of economic sentiment to -0.1 in May from -23.2 in April. USD/CHF upside is also limited by franc demand on soft EUR/CHF cross.

    Technical comment:
    The daily chart is positive-biased as the MACD and stochastics are bullish, five-day moving average is rising above 15-day moving average.

    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 0.9410 and the second target at 0.9450. In the alternative scenario, short positions are recommended with the first target at 0.9260 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9215. The pivot point is at 0.9300.

    Resistance levels:
    Support levels:

    Support levels:

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