USDCHF: bullish bias (July 4, 2013)
USD/CHF is to trade in a higher range. Undermined by weaker USD sentiment, the franc demand on soft EUR/CHF cross. But the USD/CHF losses tempered by caution ahead of Friday’s U.S. June non-farm payrolls and unemployment report. Daily chart mixed as MACD bullish, but stochastics turning bearish at overbought; inside-day-range pattern completed Wednesday.
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 0.95 and the second target at 0.954 . You should keep in view short position below the pivot keep of the first target at 0.943, the breach of this target will move the pair downward further and expect the second target at 0.94. The pivot point stands at 0.9455.
R1 – 0.95
R2 – 0.954
R3 – 0.96
S1 – 0.943
S2 – 0.94
S3 – 0.9375
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