USD/CHF WEEKLY FORECAST Feb. 28 - Mar. 4, 2011
Support levels located at 0.9172, 0.9061, and 0.8895
Pivot Point is 0.9338
Resistance levels located at 0.9449, 0.9615, and 0.9726
Avoid executing if the price is close to its Pivot Point.
If the price is close to a support level, it is advisable to enter a buy position. The higher support level you decide to buy, the higher amount of profit can be made.
If the price is close to a resistance level, it is advisable to enter a sell position. The higher resistance level you decide to sell, the higher amount of profit can be made.
The use of limits is always recommended.
The range for this week is shown in the USD/CHF weekly chart above. This weeks major announcements from the U.S. include Pending Home Sales on Tuesday Mar. 1st, the ISM Manufacturing PMI & ADP Non-Farm Employment Change on Wednesday Mar. 2nd, and the Unemployment Rate this week Friday Mar. 4th.
Switzerland's Federal Statistics Office will release its GDP result this Tuesday Mar. 1 while Retail Sales will be announced on Thursday Mar. 3rd.
Currently the USD/CHF rate is floating between the Pivot Point and the Support 1 area at one of its lowest rates ever. It is very unlikely that the rate will drop down to the Support 3 at 0.8895 or the Support 2 at 0.9061 (not visible in the above chart).