Source: PaxForex Premium Analytics Portal, Technical Insight
As Reuters reports with reference to knowledgeable sources, in its forthcoming regular report the U.S. Treasury will call Switzerland a currency manipulator. As sources explain, this year the SNB conducted large-scale currency interventions aimed at curbing the strengthening of the franc. It means that Switzerland now meets all three criteria for defining a "currency manipulator. The other two criteria are a commodity trade surplus of $20+ billion and a balance of payments surplus of 2+%.
USD/CHF, 30 min
Pivot: 0.8892
Analysis:
Provided that the currency pair is traded above 0.8865, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.8892
- Take Profit 1: 0.8915
- Take Profit 2: 0.8930
Alternative scenario:
In case of breakdown of the level 0.8865, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.8865
- Take Profit 1: 0.8850
- Take Profit 2: 0.8835
Comment:
RSI shows the possibility of an ascending momentum.
Key levels:
| Resistance | Support |
| 0.8945 | 0.8865 |
| 0.8930 | 0.8850 |
| 0.8915 | 0.8835 |
USD/CHF, D1
Pivot: 0.8876
Analysis:
While the price is below 0.9100, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8876
- Take Profit 1: 0.8750
- Take Profit 2: 0.8670
Alternative scenario:
If the level 0.9100 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.9100
- Take Profit 1: 0.9210
- Take Profit 2: 0.9295
Comment:
RSI shows the development of a downtrend in the medium-term.
Key levels:
| Resistance | Support |
| 0.9295 | 0.8750 |
| 0.9210 | 0.8670 |
| 0.9100 | 0.8500 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - sell below 1.2100 with 1.2060 and 1.2040 targets as Take Profit. Alternative scenario - if the level 1.2100 is broken-out, buy with the TP 1.2115 and 1.2130.
GBP/USD – sell below 1.3415 with 1.3315 and 1.3290 as Take Profit targets. Alternative scenario - if the level of 1.3415 is broken-out, you should consider buying with the targets 1.3440 and 1.3475 as Take Profit.
AUD/USD - long positions above 0.7430 with 0.7500 and 0.7525 targets as Take Profit. Alternative scenario - if the level of 0.7430 is broken-down, sell with the targets 0.7415 and 0.7400 as Take Profit.
