USD/CHF is supported by a rising trend line and is expected to trade in a higher range. The pair has reversed up, and has been well supported by a short-term rising trend line. The relative strength index is positively oriented above the neutrality level of 50. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.9845 at first. A breakout above this level would call for further advance toward 0.9880 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 0.9845 and the second target at 0.9880. In the alternative scenario, short positions are recommended with the first target at 0.9725 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 0.97. The pivot point is at 0.9750.
Resistance levels: 0.9845, 0.9880, 0.9975
Support levels: 0.9725, 0.97, 0.9645
