USD/CHF is expected to trade in a higher range. The pair posted a strong rebound on its last trading day and now seems to be forming an intraday bullish flag pattern. The relative strength index is above its neutrality area of 50 favoring a new rebound. The 20-period and 50-period moving averages are heading upward. Hence, as long as 1.026 (a strong support base) holds on the downside, a further rise is more likely to occur towards 1.0330 and 1.0370.
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 1.0330 and the second target at 1.0370. In the alternative scenario, short positions are recommended with the first target at 1.0220 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 1.0195. The pivot point is at 1.0260.
Resistance levels: 1.0330 1.0370 1.0410
Support levels: 1..0220 1.0195 1.0170
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