USD/CHF is expected to trade in a higher range as bias remains bullish. Currently trading at 1.0080, the pair seems more likely to be forming a "bullish flag" pattern after the recent advance. Even though a continuation of the consolidation cannot be ruled out at the current stage, its extent should be limited by its key support at 1.0060. Furthermore, the 50-period moving average is on the upside, and should limit any downward attempts. To sum up, as long as 1.0060 is not broken, expect a new rise to 1.0115 and 1.0140 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, it is recommended to open long positions with the first target at 1.0115 and the second target at 1.0140. In the alternative scenario, it is recommended to open short positions with the first target at 1.0030, 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 1.00. The pivot point is at 1.0060.
Resistance levels: 1.0030, 1.0, 0.9965
Support levels: 1.0115, 1.0140, 1.0175
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