Overview:
USD/CHF is expected to trade in higher range underpinned by positive dollar sentiment. But USD/CHF gains tempered by franc demand on buoyant CHF/JPY cross amid weak yen sentiment. Daily chart mixed as MACD bearish; but stochastics rising from 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 0.911 and the second target at 0.913. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9025. The breach of this target will move the pair further downwards and one may expect the second target at 0.899. The pivot point stands at 0.9055.
Resistance levels:
0.911
0.913
0.915
Support levels:
0.9025
0.899
0.896
