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 defensive 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: 0.9049
Analysis:
Provided that the currency pair is traded below 0.9065, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.9049
- Take Profit 1: 0.9025
- Take Profit 2: 0.9010
Alternative scenario:
In case of breakout of the level 0.9065, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.9065
- Take Profit 1: 0.9080
- Take Profit 2: 0.9095
Comment:
RSI shows the possibility of descending momentum.
Key levels:
Resistance | Support |
0.9095 | 0.9025 |
0.9080 | 0.9010 |
0.9065 | 0.8990 |
USD/CHF, D1
Pivot: 0.9066
Analysis:
While the price is above 0.8830, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.9066
- Take Profit 1: 0.9185
- Take Profit 2: 0.9300
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 |
0.9370 | 0.8830 |
0.9300 | 0.8750 |
0.9185 | 0.8640 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - sell below 1.2185 with 1.2110 and 1.2090 targets as Take Profit. Alternative scenario - if the level 1.2185 is broken-out, buy with the TP 1.2200 and 1.2220.
GBP/USD – sell below 1.4050 with 1.3950 and 1.3900 as Take Profit targets. Alternative scenario - if the level of 1.4050 is broken-out you should consider buying with the targets 1.4080 and 1.4120 as Take Profit.
AUD/USD - short positions below 0.7890 with 0.7805 and 0.7790 targets as Take Profit. Alternative scenario - if the level of 0.7890 is broken-out, buy with the targets 0.7910 and 0.7935 as Take Profit.