Source: PaxForex Premium Analytics Portal, Technical Insight

The coronavirus pandemic forced the Swiss watch industry to make massive staff cuts. Since early March, hundreds of Swiss employees in the industry have lost their jobs. How soon the watch industry will recover depends solely on the epidemiological situation in the country and the world.

USD/CHF, 30 min

Pivot: 0.9443

Analysis:

Provided that the currency pair is traded above 0.9440, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.9443
• Take Profit 1: 0.9465
• Take Profit 2: 0.9480

Alternative scenario: 

In case of breakdown of the level 0.9440, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.9440
• Take Profit 1: 0.9425
• Take Profit 2: 0.9410

Comment:

RSI shows the possibility of an uptrend momentum. 

Key levels:

USD/CHF, D1

Pivot: 0.9414

Analysis:

While the price is below 0.9530, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.9414
• Take Profit 1: 0.9355
• Take Profit 2: 0.9255

Alternative scenario:

If the level 0.9530 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 0.9530
• Take Profit 1: 0.9650
• Take Profit 2: 0.9770

Comment:

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

Key levels: