Overview:
USD/CHF is trading with bullish bias. The rate is underpinned by bullish dollar sentiment; franc sales on buoyant EUR/CHF cross. But USD/CHF gains are tempered by franc demand on rebounding CHF/JPY cross. Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought, five-day moving average is above 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 0.9235 and the second target at 0.9275. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.909 the breach of this target will move the pair further downwards and one may expect the second target at 0.907. The pivot point stands at 0.914.
Resistance levels:
0.9245
0.9275
0.9310
Support levels:
0.914
0.909
0.907
