USD/CHF is expected to consolidate with buoyant tone. It is underpinned by the franc sales on the buoyant EUR/CHF cross, the negative Swiss interest rates. and the threat of the Swiss National Bank to carry out CHF-selling intervention.
Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish although inside-day-range pattern was completed on Wednesday.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9415 and the second target at 0.9460. In the alternative scenario, short positions are recommended with the first target at 0.9280 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9250. The pivot point is at 0.9320.
Resistance levels: 0.9415 0.9460 0.95
Support levels: 0.9280 0.9250 0.92
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