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    NZD/USD: Intraday Technical Analysis for July 5, 2012

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    USD/CHF is expected to consolidate in a higher range after hitting a three-week low of 0.9226 on Wednesday. It is underpinned by franc sales on the buoyant EUR/CHF cross and soft CHF/JPY cross amid bullish yen sentiment, the negative Swiss interest rates, and the threat of the Swiss National Bank to carry out CHF-selling intervention.

    Technical comment:

    The daily chart is mixed as the MACD is bearish, but stochastics is turning bullish at oversold levels.

    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 0.9615 and the second target at 0.9655. In the alternative scenario, short positions are recommended with the first target at 0.9535 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 0.95. The pivot point is at 0.9555.

    Resistance levels: 0.9615 0.9655 0.9690

    Support levels: 0.9535 0.95 0.9450


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