Overview:
USDCHF is trading in higher ranges. Daily chart is positive-biased as MACD and stochastic are in bullish mode; bullish hammer candlestick pattern was completed on Tuesday. The RSI is bullish and calls for further advance. It is recommended to take long positions above 0.92565 with targets at 0.933 and 0.935 in extension. Below 0.925 look for further downside with 0.9225 and 0.92 as targets.
Preference:
Buy above 0.925 with targets at 0.933 and 0.935 in extension.
Resistance levels:
R1 - 0.933
R2 - 0.935
R3 - 0.9375
Alternative scenario:
Sell below 0.925. Below 0.925 look for further downside with 0.9225 and 0.92 as targets.
Support levels:
S1 - 0.9225
S2 - 0.92
S3 - 0.9175
Technical comment:
The pair is facing a pullback on its new support ahead of further advance.
