USD/CHF is expected to trade in a higher range. The pair extended its gains after confirming a bullish "V-bottom" reversal configuration. The intraday RSI is supported by a rising trendline, and the 20- and 50-period moving averages are turning up. Technical indicators favor further advance. As long as 0.9650 holds as the key support, look for an opportunity to bounce to 0.9740 and 0.97650.
Technical comment:
The daily chart is mixed as the MACD is bearish, 5 and 15-day moving averages are falling but stochastics are turning bullish at oversold levels.
Trading recommendations:
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 long as the price keeps above its pivot point, long positions are recommended with the first target at 0.9740 and the second target at 0.9765. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.96. A break of this target would push the pair further downwards, and one may expect the second target at 0.9570. The pivot point is at 0.9650.
Resistance levels: 0.9740 0.9765 0.98
Support levels: 0.96 0.9570 0.9545
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