Overview:
USD/CHF is expected to trade in a higher range. It is underpinned by the positive dollar sentiment, dovish monetary policy Swiss National Bank's, and franc sales on the buoyant EUR/CHF cross. Daily chart is positive-biased as MACD is bullish, stochastics is reverting to bullish mode near overbought zone.
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 0.8940 and the second target at 0.8960. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8850. A breach of this target will push the pair further downwards and one may expect the second target at 0.8835. The pivot point is at 0.8875.
Resistance levels:
0.8940
0.8960
0.8995
Support levels:
0.8850
0.8835
0.8785
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