USD/CHF is expected to trade in a higher range. The pair has resumed its uptrend on an intraday basis and is now challenging its nearest resistance at 0.9990. The 20-period and 50-period moving averages are still heading upwards, and the relative strength index is bullish above its neutrality area at 50. In this case, as long as 1.0080 is not broken, look for a new test of 1.0120. A break above 1.0080 would open the path to 1.0080, and maybe even to 1.0120.
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, it is recommended to open long positions with the first target at 1.0080 and the second target at 1.0120. In the alternative scenario, it is recommended to open short positions with the first target at 0.9950, 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, 1.0120, 1.0150
Support levels: 0.9950, 0.9915, 0.9870
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