Today we would look into the USD/CHF currency pair. The pair has been moving sideways since yesterday, but through the less positive Stochastic indicator we can predict the trend would take a more pronounced bearish character.
There are several reports released today from the United States that can affect all USD pairs. The most important among these are the House Price Index and the S&P Home Price Index for May. We are not expecting any particular news from Switzerland to affect the CHF.
The rate for the pair recently managed to overcome its past resistance at 0.9474 and turn it into a support instead. As long as the price remains above this level, we can rely on buy positions. The price is approaching the next resistance (that’s also a Fibonacci level) at 0.9523, so we can We can look for good buy positions between these support and resistance levels, placing our take-profit position at 0.9523 and our stop-loss at 0.9441.
As of the moment of this article’s publication the USD/CHF is trading above the support level, around 0.9479. All technical indicators agree on a strong buy signal.
