Overview:
USD/CHF is expected to consolidate in higher range after hitting a two-month high of 0.9132 Monday.It is undermined by the broadly weaker dollar undertone and franc demand on the rebounding CHF/JPY cross. Daily chart is still positive-biased as MACD and stochastics are bullish, although the latter in overbought zone, five and 15-day moving averages are advancing.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.9185 and the second target at 0.9225 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9055.A breach of this target will move the pair further downwards and one may expect the second target at 0.9035. The pivot point stands at 0.908.
Resistance levels:
0.9185
0.9225
0.925
Support levels:
0.9055
0.9035
0.9
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