USD/CHF: general analysis
31 January 2017, 09:30
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL |
| Entry Point | 0.9956 |
| Take Profit | 0.9900, 0.9820 |
| Stop Loss | 1.0010 |
| Key Levels | 0.9720, 0.9820, 0.9900, 1.0000, 1.0170, 1.0270, 1.0345, 1.0450 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY LIMIT |
| Entry Point | 0.9900 |
| Take Profit | 1.0000 |
| Stop Loss | 0.9850 |
| Key Levels | 0.9720, 0.9820, 0.9900, 1.0000, 1.0170, 1.0270, 1.0345, 1.0450 |
Current trend
All last week the pair was trading in a narrow range of around 70 points, near a psychologically important level of 1.0000. Yesterday, amid a weakening in the US Dollar it broke out of the range having broken down the lower border of a descending channel on the 4-hour chart, and headed towards the lower border of the ascending channel at the level of 0.9900.
Today attention needs to be paid to data on the GDP, unemployment and inflation in the eurozone that are generally forecasted as positive for the Euro, which in turn could support the Franc as the eurozone is one of the closest trading partners with Switzerland. Additionally, attention should be paid to data on Home Price Indices, Chicago PMI and Consumer Confidence in the US.
Support and resistance
Support levels: 0.9900, 0.9820, 0.9720.
Resistance levels: 1.0000, 1.0170, 1.0270, 1.0345 (5-year high), 1.0450.
Trading tips
Short positions can be opened from current prices with targets at 0.9900, 0.9820 and stop-loss at 1.0010.
Long positions can be opened from the level of 0.9900 with the target at 1.0000 and stop-loss at 0.9850.
All last week the pair was trading in a narrow range of around 70 points, near a psychologically important level of 1.0000. Yesterday, amid a weakening in the US Dollar it broke out of the range having broken down the lower border of a descending channel on the 4-hour chart, and headed towards the lower border of the ascending channel at the level of 0.9900.
Today attention needs to be paid to data on the GDP, unemployment and inflation in the eurozone that are generally forecasted as positive for the Euro, which in turn could support the Franc as the eurozone is one of the closest trading partners with Switzerland. Additionally, attention should be paid to data on Home Price Indices, Chicago PMI and Consumer Confidence in the US.
Support and resistance
Support levels: 0.9900, 0.9820, 0.9720.
Resistance levels: 1.0000, 1.0170, 1.0270, 1.0345 (5-year high), 1.0450.
Trading tips
Short positions can be opened from current prices with targets at 0.9900, 0.9820 and stop-loss at 1.0010.
Long positions can be opened from the level of 0.9900 with the target at 1.0000 and stop-loss at 0.9850.
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