Current trend

It seems that the tangled situation in Greece will be soon resolved. After yesterday’s press-conference by Mario Draghi ECB chairman, the USD has slightly lost positions against the other currencies. Today, at the Asian and European sessions the USD was also losing price against European currencies.

There was no important Swiss news; therefore all attention of the market participant is focused on the US news. Tomorrow, at 15:30 (GMT+3) the data on non-farm payroll in the USA for May will be known. The forecast for this index is positive (+225 thousand against +223 thousand in April). If this prediction proves to be correct, the USD is likely to grow amid expectations of the interest rate increase in the USA.

Support and resistance

Since the beginning of the year the pair has been moving in the range of 0.9100–1.0100. The decline in the pair is prevented by the probability of interventions of the Swiss National bank and expectations of the increase in the interest rate in the USA before the end of this year. Strong resistance levels are in the range of 0.9400–0.9500. Support level is the lows of this year at the level of 0.9100.

On the daily chart OsMA and Stochastic recommend short positions. On the four-hour chart the indicators are also in the sell zone.

Support levels: 0.9280 and 0.9110.

Resistance levels: 0.9410, 0.9450 and 0.9535.

Trading tips

It is recommended to open short positions after breakdown of the level of 0.9280 with the targets of 0.9110 and 0.8900. However, after the release of Non-farm Payrolls attitude to the USD can dramatically change and in this case it will make sense to open long positions. In case of breakdown of the level of 0.9450 the targets will be the levels of 0.9535 and 0.9720.

USD/CHF: in anticipation of NFPR

USD/CHF: in anticipation of NFPR

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