Technical Analysis of USD/CHF for March 07, 2016
USD/CHF is expected to advance further. The pair continued posting technical rebounds and is now challenging its nearest resistance at 1.0030. The relative strength index lacks downward momentum, and the 50-period moving is still bullish, which suggests that the price may still have upside potential to go. In this case, as long as 0.9930 holds on the downside, look for 1.0030 and 1.0065 in extension.
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. Therefore, long positions are recommended with the first target at 1.0030 and the second one at 1.0060. In the alternative scenario, short positions are recommended with the first target at 0.9905 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 0.9875. The pivot point is at 0.9930.
Resistance levels: 1.0030, 1.0065, 1.01
Support levels: 0.9905, 0.9875, 0.9850
The material has been provided by InstaForex Company - www.instaforex.com
