Overview:
USD/CHF is trading in higher range. The rate is supported by franc sales on soft CHF/JPY cross; lingering effect of Swiss National Bank President Thomas Jordan's comments last week that the SNB is open to weakening its currency further against the euro and would even consider negative interest rates if necessary. Daily chart is still negative-biased as stochastics falling from overbought; positive MACD histogram bars are contracting.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.9781 and the second target at 0.9805. You should keep in view short position below the pivot keep of the first target at 0.9582, breach of this target will move the pair downward further and expect the second target at 0.954. The pivot point stands at 0.963.
Resistance levels:
R1 - 0.9781
R2 - 0.9805
R3 - 0.9835
Support levels:
S1 - 0.9582
S2 - 0.954
S3 - 0.95
