USD/CHF is expected to trade with bullish bias above 0.9990. The pair remains in consolidation, but it has managed to hold above its support base at 0.9990, which is also placed as our intraday stop loss. The intraday RSI is losing upward momentum, calling for caution. Nevertheless, as long as 0.9990 is not broken, expect a new recovery to 1.0080 and 1.0125 in extension.
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 1.0080 and the second target at 1.01. In the alternative scenario, short positions are recommended with the first target at 0.9945 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 0.9915. The pivot point is at 0.9990.
Resistance levels: 1.0080 1.0125 1.0140
Support levels: 0.9945 0.9915 0.9875
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