Overview:
USD/CHF is expected to consolidate after hitting two-week high of 0.8878 Tuesday. It is supported by the franc sales on buoyant EUR/CHF cross. But USD/CHF upside is limited by the franc demand on buoyant CHF/JPY cross and weaker USD demand. Daily chart is mixed as MACD is bullish, five-day moving average is above 15-day MA and is advancing but stochastics is neutral.
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 0.8880. 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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