Overview:
USD/CHF is expected to trade in a higher range. It is undermined by the weaker dollar sentiment, flow to haven CHF on fears of the escalating Russia-Ukraine conflict and franc demand on soft EUR/CHF cross. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy. The daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day MA and is declining.
Trading recommendations:
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 is keeping above its pivot point, a long position is recommended with the first target at 0.91 and the second target at 0.9115. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9015. A break of this target would push the pair further downwards and one may expect the second target at 0.8990. The pivot point is at 0.9040.
Resistance levels:
0.91
0.9115
0.9135
Support levels:
0.9015
0.8990
0.8975
The material has been provided by InstaForex Company - www.instaforex.com
