FBS: Trade recommendation for USD/BSF
Tatiana Norkina, an analyst at FBS
Sharp strengthening of the US currency strongly influenced the technical picture in the currency markets. Thus, the pair USD/CHF soared by more than a figure yesterday. Moreover, the growth rate continued this morning as well - the bulls are testing resistance 0.9575.
Ichimoku index. On the 1-hour timeframe, all the lines of the indicator turned up, clearly indicating the current trend. However, Chinkou Span shows overbought market. We can not exclude further consolidation at this level or correction to 0.9535.
At the same time, the main purpose of bulls on 4-hour timeframe is at the level of 0.9600.
Technical levels: Support - 0.9525 / 35; resistance - 0.9575, 0.9600.
1. Buy - 0.9535; SL - 0.9515; TP1 - 0.9575; TP2 - 0.9600.
2. Sell - 0.9600; SL - 0.9620; TP1 - 0.9535.