Overview:
USD/CHF is expected to trade in higher range. It is supported by the positive dollar sentiment and franc sales on the buoyant EUR/CHF cross. But the USD/CHF gains are tempered by franc demand on the buoyant CHF/JPY cross. Daily chart is mixed as MACD is bearish, but stochastics are turning bullish.
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 0.906 and the second target at 0.908. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.894. A breach of this target will push the pair further downwards and one may expect the second target at 0.89. The pivot point is at 0.896.
Resistance levels:
0.906
0.908
0.91
Support levels:
0.894
0.89
0.8855
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