OvervieW:
USD/CHF is trading in a higher range. The CHF sentiment is dented by a bigger-than-expected 0.3% on-year drop in Switzerland October CPI (versus forecast of a 0.1% drop). USD/CHF is also supported by the positive dollar sentiment; the franc sales in the rebounding EUR/CHF cross and in the soft CHF/JPY cross. Daily chart is positive-biased as MACD and stochastics are bullish, although the latter is in the overbought zone; the 5-day moving average is above the 15-day MA and advancing.
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 0.9145 and the second target at 0.9175. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.907 the breach of this target will move the pair further downwards and one may expect the second target at 0.9045. The pivot point stands at 0.909.
Resistance levels:
0.9145
0.9175
0.9210
Support levels:
0.907
0.9045
0.902
0.9
