Overview:
USD/CHF is trading in a higher range. It is supported by positions adjustment before U.S. FOMC monetary policy decision Wednesday; the franc sales in the buoyant EUR/CHF cross. But USD/CHF gains are tempered by the Federal Reserve's ultra-loose monetary policy. Daily chart is mixed as MACD is bearish, but stochastics turned bullish at oversold.
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, a long position is recommended with the first target at 0.8915 and the second target at 0.889. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9005 the breach of this target will move the pair further downwards and one may expect the second target at 0.904. The pivot point stands at 0.8935.
Support levels:
0.8915
0.889
0.885
Resistance levels:
0.9005
0.904
0.975
