USD/CHF is expected to trade with bullish bias above 0.9845. The pair remains in consolidation in the range 0.9845 to 0.9940. A support base at 0.9845 has formed and has allowed for a temporary stabilization. Besides, the relative strength index is mixed, and calls for caution. Therefore, as long as 0.9845 is not broken, look for a choppy price action with the bullish bias. A break above 0.9940 would open the path to 0.9990.
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 0.9940 and the second one at 0.9995. In the alternative scenario, short position is recommended with the first target at 0.98 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 0.9750. The pivot point is at 0.9845.
Resistance levels: 0.9940, 0.9995, 1.0030
Support levels: 0.98, 0.9750, 0.9675
