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FX.co ★ Technical analysis of USD/CHF for April 24, 2014

Technical analysis of USD/CHF for April 24, 2014

Technical analysis of USD/CHF for April 24, 2014

Overview:

USD/CHF is expected to trade with bearish bias. It is undermined by the CHF demand on soft AUD/CHF, EUR/CHF and GBP/CHF crosses. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy stance. Daily chart is mixed as MACD is bullish, five-day moving average is above 15-day MA and is advancing, but stochastics is turning neutral.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.88. A breach of this target will move the pair further downwards to 0.8775. The pivot point stands at 0.8845. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8860 and the second target at 0.8880.

Resistance levels:
0.8860
0.8880
0.889

Support levels:
0.88
0.8775
0.875

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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