USD/CHF is expected to trade with bullish bias. The pair remains firmly above its horizontal support at 0.9790, which has been tested for several times. The upside momentum is still strong, as the intraday RSI holds above its 50 level, and is turning up again. Last but not least, an intraday rising trendline also provides a strong support, and calls for a new rise to challenge 0.9940 (last Friday’s top). In case of a breakout, look for further advance to 1.
The daily chart is positive-biased as the MACD and stochastics are bullish.
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 0.9940 and the second target at 1.0. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9750. A break of this target would push the pair further downwards, and one may expect the second target at 9715. The pivot point is at 0.9790.
Resistance levels: 0.9940 1.0 1.045
Support levels: 0.9750 0.9715 0.9665
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