Overview:
USD/CHF is expected to trade in higher range. USD/CHF is underpinned by the positive dollar sentiment, franc sales on buoyant EUR/CHF cross and drop in Switzerland ZEW-Credit Suisse indicator of economic sentiment to 19.0 in March from 28.7 in February. Daily chart is positive-biased as MACD and stochastics are turned to 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 0.8890 and the second target at 0.8915. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8770. A breach of this target will push the pair further downwards and one may expect the second target at 0.8755. The pivot point is at 0.8795.
Resistance levels:
0.8890
0.8915
0.8945
Support levels:
0.8770
0.8755
0.8715
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