USD/CHF: Greeks say no on 06.07.2015

6 July, 2015

Current trend

Consumer Price Index in Switzerland for June was +0.1% vs. -0.1% forecast, 1.0% vs.1.2% at an annual rate. The figures were better-than-expected, but today the events the euro zone affect the Swiss currency. Greeks overwhelmingly rejected conditions for a bailout package.

The frank remained flat in the major pairs except for the EUR/CHF pair, in which the franc fell with a gap of 75 points. However, by 11:00 (GMT +3) the gap already closed. The Swiss National Bank intervention is likely to be confirmed.

Today a small block of U.S. news is released from 4:45 to 6:30 p.m. (GMT +3), from which ISM Non-Manufacturing and Labor Market Conditions Indexes for June should be considered.

Important Swiss news is expected tomorrow. Unemployment Rate for June is published at 08:45 a.m. (GMT +3). The previous figure was 3.3%. The decline in the rate should strengthen the franc. Otherwise, the increase in the unemployment rate will weaken the franc and push the pair up.

Support and resistance

The pair USD/CHF broke through the resistance level 0.9340 last week and is now trading at 0.9430 around MA lines EMA200 EMA144 on the daily chart.

Indicators on the 4-hour, daily and weekly charts favor long positions. The U.S. dollar strengthening against most major currencies, the threat of SNB intervention, negative interest rates in Switzerland also support buyers.

It is advisable to trade between levels 0.9150-0.9550 and open mainly long positions.

Support levels: 0.9150, 0.9200, 0.9245, 0.9340.

Resistance levels: 0.9480, 0.9550.

Trading tips

Open long positions from levels 0.9340, 0.9370 with targets at 0.9430, 0.9550, 0.9720 and stop loss at 0.9290.

After the level 0.9245is broken through consider short positions with targets at 0.9150, 0.9100.


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