Technical Analysis of USD/CHF for April 11, 2016
USD/CHF is expected to trade in a lower range. The pair remains under pressure below its key resistance and is expected to post further consolidations. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is therefore set at 0.9480. A break below this level would open way to further weakness toward the horizontal support and overlap at 0.9450.
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 0.9480. A break of this target will move the pair further downwards to 0.9450. The pivot point stands at 0.9580. 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 0.9620 and the second target at 0.9650.
Resistance levels: 0.9620, 0.9650, 0.9675
Support levels: 0.9480 , 0.9450, 0.9400
The material has been provided by InstaForex Company - www.instaforex.com
