USD/CHF is expected to trade with bullish bias. The pair bounced off its support base around 1.0175 yesterday, and is more likely to post further advance towards 1.0200. The technical indicators such as the 20- and 50-period intraday MAs are heading upwards, and the intraday RSI is mixed to bullish above its neutrality area at 50. Hence, as long as 1.0075 is not broken, expect a new rise to 1.0175 and 1.0200 in extension.
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 1.0175 and the second target at 1.0200. In the alternative scenario, short positions are recommended with the first target at 1.0040 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 0.9990. The pivot point is at 1.0075.
Resistance levels: 1.0175 1.0200 1.0275
Support levels: 1.0040 0.9990 0.9945
