Overview:
USD/CHF is expected to trade with bullish bias. It is buoyed by the positive dollar sentiment; franc sales on soft CHF/JPY cross. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross. Daily chart is positive-biased as stochastics is turning bullish at oversoldzone, negative MACD histogram bars are contracting.
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 0.8855 and the second target at 0.883. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.893. A breach of this target will push the pair further downwards and one may expect the second target at 0.895. The pivot point is at 0.888.
Resistance levels:
0.893
0.895
0.897
Support levels:
0.8855
0.883
0.88
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