USD/CHF is expected to trade in a higher range. Currently trading at 0.9820, the pair remains steadily on the upside. A support base at 0.979 has been formed and it allowed for a temporary stabilization. Besides, the technical indicator such as the intraday RSI favors a new rebound. As long as 0.9790 holds as the key support, the pair seems likely to challenge 0.9890 (its previous swing high) at first.
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 0.9890 and the second target at 0.9940. 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: 0.9890 0.9940 0.9495
Support levels: 0.9750 0.9715 0.9665
The material has been provided by InstaForex Company – www.instaforex.com