Source: PaxForex Premium Analytics Portal, Technical Insight
After the Swiss National Bank's (SNB) monetary policy update, Chairman Jordan said during a press conference that there is a lot of pressure on the franc exchange rate in times of uncertainty. SNB board member Andrea Mehler also commented on the importance of the exchange rate, noting that it continues to be closely monitored. "That's why we have made significant purchases of foreign exchange this year. The expansionary monetary policy counteracts the pressure on the Swiss franc.
USD/CHF, 30 min
Pivot: 0.8820
Analysis:
Provided that the currency pair is traded below 0.8850, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.8820
- Take Profit 1: 0.8800
- Take Profit 2: 0.8785
Alternative scenario:
In case of breakout of the level 0.8850, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.8850
- Take Profit 1: 0.8875
- Take Profit 2: 0.8900
Comment:
RSI shows the possibility of descending momentum.
Key levels:
| Resistance | Support |
| 0.8900 | 0.8800 |
| 0.8875 | 0.8785 |
| 0.8850 | 0.8770 |
USD/CHF, D1
Pivot: 0.8878
Analysis:
While the price is below 0.9000, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8878
- Take Profit 1: 0.8750
- Take Profit 2: 0.8640
Alternative scenario:
If the level 0.9000 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.9000
- Take Profit 1: 0.9185
- 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 |
| 0.9185 | 0.8640 |
| 0.9000 | 0.8500 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.2255 with 1.2300 and 1.2320 targets as Take Profit. Alternative scenario - if the level 1.2255 is broken-down, sell with the TP 1.2235 and 1.2220.
GBP/USD – buy above 1.3490 with 1.3575 and 1.3615 as Take Profit targets. Alternative scenario - if the level of 1.3490 is broken-down you should consider selling with the targets 1.3465 and 1.3435 as Take Profit.
AUD/USD - long positions above 0.7620 with 0.7675 and 0.7700 targets as Take Profit. Alternative scenario - if the level of 0.7620 is broken-down, sell with the targets 0.7600 and 0.7585 as Take Profit.
