USD/CHF is expected to trade in a higher range as bias remains bullish. The pair has formed a strong support base around 0.9870, and is posting some rebounds. The 20- and 50-period MAs are providing support roles and should continue pushing the prices higher. Besides, the intraday RSI stands firmly above its neutrality level at 50. To conclude, as long as 0.9870 is not broken, look for a new rise to 0.9960 and 1.00.
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 0.9960 and the second target at 1.00. In the alternative scenario, short positions are recommended with the first target at 0.9815 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 0.9755. The pivot point is at 0.9870.
Resistance levels: 0.9960 1.000 1.0060
Support levels: 0.9815 0.9755 0.9710
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