USD/CHF is expected to trade with a bullish bias above 0.9925. The pair managed to hold above its nearest support at 0.9925. It is likely to perform a new bounce after a limited consolidation. The process of reaching higher highs and lows remains unchanged, which should confirm a positive outlook. Besides, the 20-period and 50-period moving averages are still on the upside. To sum up, as long as 0.9925 remains the key support, look for a new rise to 1.0015 and 1.0055.
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 1.0015 and the second target at 1.0055. In the alternative scenario, short positions are recommended with the first target at 0.9900 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 0.9875. The pivot point is at 0.9925.
Resistance levels: 1.0015 1.0055 1.0095
Support levels: 0.99 0.9875 0.9830
