USD/CHF is expected to trade in a higher range. The pair is rebounding above its rising intraday 20-period and 50-period MAs, which act as supports. In addition, the intraday RSI indicator is bullish and calls for further upside. Furthermore, 0.9635 represents a significant key support, which should limit the downside potential. As long as the level of 0.9600 is support, look for further upside to 0.9740. A break above of this level would call for further advance to 0.9770. Only a break below of the key support at 0.9600 would turn the outlook to negative and open a downward path to 0.9545 and even 0.9525.
Technical comment:
The daily char is bullish. The MACD is in bullish mode.
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 keeps above its pivot point, long positions are recommended with the first target at 0.9740 and the second target at 0.9770. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.96. A break of this target would push the pair further downwards, and one may expect the second target at 0.9545. The pivot point is at 0.9635.
Resistance levels: 0.9740 0.9770 0.9810
Support levels: 0.96 0.9545 0.95
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