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Technical analysis of USD/CHF for January 29, 2015

USDCHFM30.png

Fundamental overview:
USD/CHF is expected to trade with risks skewed higher. It is supported by the positive dollar sentiment (ICE spot dollar index last 94.63 versus 93.96 early Wednesday), the franc sales on soft CHF/JPY cross, the negative Swiss interest rates and the threat of the SNB CHF-selling intervention. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross.


Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastics is in bullish mode, inside-day-range pattern was completed on Wednesday.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9265 and the second target at 0.9365. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8985. A break of this target would push the pair further downwards, and one may expect the second target at 0.8925. The pivot point is at 0.9050.


Resistance levels:

0.9265

0.9365

0.9415


Support levels:

0.8985

0.8925

0.89


The material has been provided by InstaForex Company - www.instaforex.com