Overview:
USD/CHF is expected to trade in a higher range. It is underpinned by the positive dollar sentiment, franc sales on buoyant EUR/CHF cross, and dovish Swiss National Bank's monetary policy. The daily chart is mixed as MACD is bearish, but stochastics is turned bullish.
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 0.9130 and the second target at 0.9145. 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 0.9070.
Resistance levels:
0.9130
0.9145
0.9170
Support levels:
0.9050
0.9030
0.9
