empty
 
 
20.05.2013 03:00 PM
USD/CHF: Bullish bias

This image is no longer relevant

Overview:
USD/CHF is consolidating with bullish bias after hitting nine-month high of 0.9761 on Friday. The rate is buoyed by positive USD sentiment; franc sales on buoyant EUR/CHF cross. Daily chart is positive-biased as MACD is bullish; stochastics is staying elevated at overbought; 5- and 15-day moving averages are rising.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.9761 and the second target at 0.9809. You should keep in view short position below the pivot with the first target at 0.9633, breach of this target will move the pair downward further, and expect the second target at 0.9576. The pivot point stands at 0.966.

Resistance levels:
0.9761 (Friday's high)
0.9809 (Aug. 10, 2012 high)
0.9898 (Aug. 2, 2012 high)
Support levels:
S1 - 0.9633 (Friday's low)
S2 - 0.9576 (Thursday's low)
S3 - 0.9517 (Tuesday's low)

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback