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Overview:
USD/CHF is expected to trade in a higher range. It is supported by the positive dollar sentiment, a drop in Switzerland ZEW-Credit Suisse indicator of economic sentiment to 7.0 in April from 19.0 in March,dovish Swiss National Bank's monetary policy stance and franc sales on buoyant EUR/CHF cross. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross. Daily chart is positive-biased as bullish outside-day-range pattern was completed on Wednesday, stochastics is rising from the oversold zone, negative MACD histogram bars are contracting.
Trading recommendation:
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 far as the price is above its pivot point, a long position is recommended with the first target at 0.8820 and the second target at 0.8845. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8755. A breach of this target will push the pair further downwards and one may expect the second target at 0.8735. The pivot point is at 0.8775.
Resistance levels:
0.8820
0.8845
0.8870
Support levels:
0.8755
0.8735
0.8695
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