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Technical analysis of USD/CHF for June 05, 2015


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Fundamental overview: UUSD/CHF is expected to consolidate with risks skewed higher after hitting a near-three-week low of 0.9275 on Thursday as markets are awaiting the US non-farm payrolls report. USD/CHF is underpinned by the broadly firmer dollar undertone, negative Swiss interest rates, and the threat of the Swiss National Bank CHF-selling intervention. But USD/CHF gains are tempered by franc demand on retreating EUR/CHF cross and positions adjustment ahead of the weekend.

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

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 0.9275. A break of that target will move the pair further downwards to 0.9250. The pivot point stands at 0.9370. 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 0.9430 and the second target at 0.9480.

Resistance levels: 0.9430 0.9480 0.9525

Support levels: 0.9275 0.9250 0.9195

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