empty
 
 
18.10.2012 12:39 PM
USD/CHF: Key ST Resistance at 0.925

This image is no longer relevant

Overview:
USD/CHF is consolidating with bearish bias after hitting five-month low of 0.9210 on Wednesday. The rate is undermined by broadly weaker demand for safe-haven USD amid positive global risk sentiment; rise in Swiss ZEW-Credit Suisse indicator of economic sentiment to minus 28.9 in October from September's minus 34.9. Data focus: 06:00 GMT Swiss September trade balance.
Preference:
As daily chart is still showing bearish trend. Short position is recommended below 0.925 with first target 0.921 and in extension 0.919.
Support Levels:
S1 - 0.9210 (Wednesday's low)  
S2 - 0.9191 (May 8 low) 
S3 - 0.9175 (May 1 reaction low)   
Alternative scenario:
In case if the price moves above 0.925 look for further upside with first targets 0.927 and 0.9315.
Resistance Levels:
R1 - 0.927
R2 - 0.9315
R3 - 0.9337 (Tuesday's high)
Comment:
As long as 0.925 is resistance, look for choppy price action with a bearish bias. Daily chart is negative-biased as stochastics is bearish; MACD staged bearish crossover against its exponential moving average; five-day moving average is below 15-day MA and falling.  

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $10000 more!
    In January we raffle $10000 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
  • 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