USD/CHF: analysis and forecast on 04.02.2014

February 4, 2014

Current trend

The pair USD/CHF continues to trade in the ascending channel. At the end of last week, the pair managed to exceed the level of 0.9000 and go up to 0.9075. At yesterday’s trading session the pair went back to the level of 0.9000 amid decline in business activity index in the USA. This week, the data on US labour market for January will become known; the forecast of which is positive. However, given slowdown in manufacturing industry, investors doubt that Non-Farm Payrolls could be positive.

Support and resistance

The nearest resistance levels are 0.9050 and 0.9075, the latter one coincides with Fibonacci line 23.6% being the first target of the “bulls”. Support levels are 0.9020, 0.9005 and 0.8980.

Trading tips

It is likely that today’s trading session will be in the narrow range of 0.9050-0.9000. The “bulls” will probably try to break down the level of 0.9075, which is unlikely to happen at this stage. It makes sense to place limit orders to sell at the level of 0.9075.

Ilya Lashenko

Analyst of LiteForex Group of Companies

Publication source
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