OvervieW:
USD/CHF is bullish Biased. It is undermined by franc demand in the buoyant CHF/JPY cross and in the soft EUR/CHF cross. Daily chart is negative-biased as stochastics is bearish; MACD is bearish and crossing its exponential moving average; the five-day moving average is below the 15-day MA and declining.
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 0.9165 and the second target at 0.92. In alternative scenario, if the price moves below its pivot point, short positions are recommended with the first target at 0.906, 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 0.9105.
Resistance levels:
0.9165
0.92
0.9235
Support levels:
0.906
0.904
0.902
