Overview:
USD/CHF is trading with bullish bias underpinned by positive dollar sentiment, franc sales on soft CHF/JPY cross and on buoyant EUR/CHF cross. But USD/CHF gains temper by positions adjustment before weekend. Daily chart is positive-biased as MACD & stochastics are bullish.
Trading recommendation:
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 0.904 and the second target at 0.907 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.893.The breach of this target will move the pair further downwards and one may expect the second target at 0.89. The pivot point stands at 0.8955.
Resistance levels:
0.904
0.907
0.91
Support levels:
0.893
0.89
0.888
