USD/CHF is expected to trade in a higher range as a bias remains bullish. The rising 20- and 50-period moving averages maintain the upside bias. A support base was formed around 1.0195, which should limit the downside potential. The relative strength index is around its neutrality level area of 50. As long as 1.0195 is not broken, the pair is likely to test its previous top at 1.0260 again. A breakout above this level would call for a further advance towards 1.0280.
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 1.0260 and the second target at 1.0280. In the alternative scenario, short positions are recommended with the first target at 1.0170 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 1.0140. The pivot point is at 1.0195.
Resistance levels: 1.0260 1.0280 1.0315
Support levels: 1.0170 1.0140 1.0120
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