Technical Analysis of USD/CHF for March 22, 2016
USD/CHF is expected to trade with a bearish bias as the key resistance is at 0.9745. The pair remains weak below its horizontal resistance at 0.9745, and is likely to post a new decline after a limited consolidation. The technical indicators such as the relative strength index are mixed to bearish. Hence, as long as the resistance at 0.9745 is not surpassed, the risk of a break below 0.9650 remains high.
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 0.9650. A break of this target will move the pair further downwards to 0.9610. The pivot point stands at 0.9745. 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 that scenario, long positions are recommended with the first target at 0.9790 and the second target at 0.9845.
Resistance levels: 0.9790, 0.9845, 0.9925
Support levels: 0.9650, 0.9610, 0.9525
The material has been provided by InstaForex Company - www.instaforex.com
