Source: PaxForex Premium Analytics portal, Technical Insight

Switzerland is gradually coming out of quarantine; more than two-thirds of the restaurants, bars, pubs, and other catering establishments have reopened since 11 May, so it is possible to sum up the first results, which are not very comforting yet. Many of these catering establishments are now struggling to survive under partial quarantine restrictions that are still in place. Approximately nine out of ten restaurants that have reopened are expecting to experience losses. During the first week of the initial quarantine process, sales in the gastronomy industry were on average 60% lower than during the same period last year in 2019.

USD/CHF, 30 min

Pivot: 0.9712

Analysis:

Provided that the currency pair is traded below 0.9630, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.9712
• Take Profit 1: 0.9590
• Take Profit 2: 0.9570

Alternative scenario: 

In case of breakout of the level 0.9630, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.9630
• Take Profit 1: 0.9650
• Take Profit 2: 0.9670

Comment:

RSI shows the possibility of a downtrend momentum. 

Key levels:

USD/CHF, D1

Pivot: 0.9607

Analysis:

While the price is below 0.9770, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.9607
• Take Profit 1: 0.9500
• Take Profit 2: 0.9375

Alternative scenario:

If the level 0.9770 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.9770
• Take Profit 1: 0.9900
• Take Profit 2: 1.0020

Comment:

RSI shows the development of a downtrend in the medium-term.

Key levels:

We also advise you to pay attention to the following currency pairs for intra-day trading:

EUR/USD – buy above 1.1160 with 1.1225 and 1.1245 as Take Profit targets. Alternative scenario - if the level of 1.1160 is broken-down, you should consider selling with the targets 1.1135 and 1.1115 as Take Profit.
GBP/USD - long positions above 1.2525 with 1.2635 and 1.2670 targets as Take Profit. Alternative scenario - if the level of 1.2525 is broken-down, sell with the targets 1.2495 and 1.2455 as Take Profit.
EUR/GBP - buy above 0.8875 with 0.8940 and 0.8958 targets as Take Profit. Alternative scenario - if the level 0.8875 is broken-down, sell with the TP 0.8845 and 0.8828.