Technical Analysis of USD/CHF for March 15, 2016
USD/CHF is expected to trade in a higher range as a technical rebound is expected. The pair is slightly turning up, and is likely to challenge the resistance at 0.9895 in the coming trading hours. A strong support base around 0.9800 has formed, and should limit downside room. Furthermore, the rising 50-period moving average now acts as a support role. In this prospect, above 0.9800, expect a new technical rebound to 0.9940 and 0.9995 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 0.9940 and the second one at 0.9995. In the alternative scenario, short position is recommended with the first target at 0.9755 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 0.9725. The pivot point is at 0.980.
Resistance levels: 0.9940, 0.9995, 1.0030
Support levels: 0.9795, 0.9725, 0.9675
The material has been provided by InstaForex Company - www.instaforex.com
