Technical Analysis of USD/CHF for May 02, 2016
USD/CHF is expected to trade in a lower range. The pair is heading downward within its intraday declining channel in place since April 27, 2016. The falling 20-period and 50-period moving averages also act as resistance levels, which should continue pushing the prices lower. Furthermore, the relative strength index lacks upward momentum. In these perspectives, as long as 0.9655 holds on the upside, look for further downsides to 0.9560 and 0.9530 in extension.
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 0.9560. A break of this target will move the pair further downwards to 0.9530. The pivot point stands at 0.9655. 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 this scenario, long positions are recommended with the first target at 0.9730 and the second one, at 0.9765.
Resistance levels: 0.9700, 0.9730, 0.9765
Support levels: 0.9560, 0.9530, 0.95
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