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Technical analysis of USD/CHF for June 15, 2016


USD/CHF is expected to trade with a bullish bias. The pair is trading sideways within its intraday range pattern and is likely to challenge the next resistance at 0.9690. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited by the support base at 0.9605. To sum up, as long as 0.9605 is not broken, expect a new bounce to 0.9690 and 0.9715 in extension.

Trading recommendation:

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 0.9690 and the second one at 0.9715. In the alternative scenario, short positions are recommended with the first target at 0.9570 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 0.9530. The pivot point is at 0.9605.

Resistance levels: 0.9690, 0.9715, 0.9750

Support levels: 0.9570, 0.9550, 0.9530

The material has been provided by InstaForex Company -