USD/CHF is expected to trade in a higher range as bias remains positive. The pair still holds above its nearest support at 0.9945, which has been tested two times. The relative strength index is mixed, but lacks downward momentum. Nevertheless, as long as 0.9945 is not broken, any consolidations should be limited before a new bounce to 1.0030 (Feb. 29 top).
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. Therefore, long positions are recommended with the first target at 1.0030 and the second one at 1.0070. In the alternative scenario, short positions are recommended with the first target at 0.9895 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 0.9870. The pivot point is at 0.9945.
Resistance levels: 1.0030, 1.0070, 1.0110
Support levels: 0.9895, 0.9870, 0.9820
