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Technical analysis of USD/CHF for June 26, 2015


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USD/CHF is expected to consolidate with a bullish bias after hitting a two-week high of 0.9416 on Thursday. It is underpinned by comments of Swiss National Bank chairman Thomas Jordan that the Swiss franc remains "significantly overvalued". USD/CHF is also supported by franc sales on buoyant EUR/CHF, negative Swiss interest rates, and the threat of the Swiss National Bank's CHF-selling intervention. But USD/CHF gains are tempered by the positions adjustment ahead of the weekend.

Technical comment:

The 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 0.9415 and the second target at 0.9460. In the alternative scenario, short positions are recommended with the first target at 0.9280 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 0.9250. The pivot point is at 0.9305.

Resistance levels: 0.9415 0.9460 0.95

Support levels: 0.9280 0.9250 0.92

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