Overview:
USD/CHF is expected to trade in a higher range.It is supported by the positive dollar sentiment and franc sales on buoyant EUR/CHF cross. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross and positions adjustment before weekend. Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold zone, spot rose above downtrend line that runs from June 16 high of 0.9013 .
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 0.8900 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 0.8880. A breach of this target would push the pair further downwards and one may expect the second target at 0.8860. The pivot point is at 0.8915.
Resistance levels:
0.8960
0.8975
0.90
Support levels:
0.89
0.8880
0.8860
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