Overview:
USD/CHF is expected to trade in a higher range. It is supported by the broadly firmer dollar undertone , dovish Swiss National Bank's monetary policy and reduced safe-haven appeal of CHF as geopolitical tensions subside in Ukraine and Middle East. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross. Daily chart is still negative-biased as MACD and stochastics are in bearish mode.
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9115 and the second target at 0.9135. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9050. A break of this target would push the pair further downwards and one may expect the second target at 0.9030. The pivot point is at 0.9065.
Resistance levels:
0.9115
0.9135
0.9155
Support levels:
0.9050
0.9030
0.9010
