Overview:
The USD/CHF is expected to trade with bullish bias. It is undermined by the weaker dollar sentiment and flows to safe-haven CHF amid lingering concerns over Crimea crisis. Daily chart is mixed as MACD is bullish, 5-day moving average is above 15-day MA and it is advancing but stochastics is turning bearish, bearish outside-day-range pattern was completed on Monday.
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 0.8870 and the second target at 0.8980. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8785. A breach of this target will push the pair further downwards and one may expect the second target at 0.8765. The pivot point is at 0.8810.
Resistance levels:
0.887
0.8890
0.8915
Support levels:
0.8785
0.8765
0.8755
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