USD/CHF is expected to trade in a higher range. The pair remains on the upside above its rising 20- and 50-period intraday MAs. The formation of higher highs and lows remains intact, and this should confirm a positive outlook. Moreover, a support at 0.9670 should prevent any downward attempts. At last, the RSI is well directed, calling for a new rebound. To sum up, as long as 0.9670 is not broken, advance to 0.9740 and 0.9775 in extension is on the cards.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9740 and the second target at 0.9775. In the alternative scenario, short positions are recommended with the first target at 0.9645 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.96. The pivot point is at 0.9670.
Resistance levels: 0.9740 0.9775 0.9815
Support levels: 0.9645 0.96 0.9550
