Source: PaxForex Premium Analytics Portal, Technical Insight
As the head of Swiss Central Bank T. Jordan said:
Last year we had to intervene aggressively in the foreign exchange market to reduce the strong pressure on the franc exchange rate;
It is important to absorb this pressure to prevent the franc from strengthening too much;
The franc is a safe-haven asset and an indicator of the level of global uncertainty;
Last year, the Swiss economy showed better-than-expected resilience;
At the end of 2020, the country's GDP is likely to have contracted by about 3%;
The outlook for the economy remains uncertain, and the situation is fragile;
Fiscal and monetary policy must remain expansionary.
USD/CHF, 30 min
Pivot: 0.8998
Analysis:
Provided that the currency pair is traded above 0.8980, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.8998
- Take Profit 1: 0.9020
- Take Profit 2: 0.9035
Alternative scenario:
In case of breakdown of the level 0.8980, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.8980
- Take Profit 1: 0.8965
- Take Profit 2: 0.9035
Comment:
RSI shows the possibility of ascending momentum.
Key levels:
| Resistance | Support |
| 0.9045 | 0.8980 |
| 0.9035 | 0.8965 |
| 0.9020 | 0.8945 |
USD/CHF, D1
Pivot: 0.8989
Analysis:
While the price is above 0.8830, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8989
- Take Profit 1: 0.9085
- Take Profit 2: 0.9185
Alternative scenario:
If the level 0.8830 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8830
- Take Profit 1: 0.8750
- Take Profit 2: 0.8640
Comment:
RSI shows the development of an uptrend in the medium-term.
Key levels:
| Resistance | Support |
| 0.9300 | 0.8830 |
| 0.9185 | 0.8750 |
| 0.9085 | 0.8640 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.2015 with 1.2055 and 1.2075 targets as Take Profit. Alternative scenario - if the level 1.2015 is broken-down, sell with the TP 1.1990 and 1.1970.
GBP/USD – buy above 1.3705 with 1.3765 and 1.3785 as Take Profit targets. Alternative scenario - if the level of 1.3705 is broken-down you should consider selling with the targets 1.3680 and 1.3655 as Take Profit.
AUD/USD - long positions above 0.7650 with 0.7705 and0.7730 targets as Take Profit. Alternative scenario - if the level of 0.7650 is broken-down, sell with the targets 0.7625 and 0.7605 as Take Profit.
