Overview:
USD/CHF is trading in higher range. It is underpinned by bullish dollar sentiment; franc sales in buoyant EUR/CHF cross. But USD/CHF gains are tempered by positions adjustment before weekend. Daily chart is positive-biased as stochastics is rising from oversold zone; MACD staged bullish crossover against its exponential moving average.
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 0.901 and the second target at 0.9045. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8895. The breach of this target will move the pair further downwards and one may expect the second target at 0.8855. The pivot point stands at 0.893.
Resistance levels:
0.901
0.9045
0.9085
Support levels:
0.8895
0.8855
0.8825
