Overview:
USD/CHF is trading with bullish bias. The rate is supported by reduced safe-haven appeal of Swiss franc amid diminished risk aversion. But USD/CHF upside is limited by franc demand on buoyant CHF/JPY cross. Daily chart is positive-biased as MACD and stochastics are bullish; five-day moving average is staging bullish crossover against 15-day MA.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a 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 0.9355 and the second target at 0.9375. You should keep in view short position below the pivot keep of the first target at 0.9255, breach of this target will move the pair downward further and one may expect the second target at 0.9235. The pivot point stands at 0.9285.
Resistance Levels:
R1 - 0.9355
R2 - 0.9375
R3 - 0.94
Support Levels:
S1 - 0.9255
S2 - 0.9235
S3 - 0.92
