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USD/CHF is expected to trade in a higher range as Bias remains bullish. The pair is well supported by its rising 50-periodd moving average, and is posting further rebound. The intraday relative strength index is positively oriented. Further upside is therefore expected with the next horizontal resistance and overlap set at 1.0250 at first. A break above this level would call for a further advance towards 1.0280 in extension.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 1.0250 and the second target at 1.0280. In the alternative scenario, short positions are recommended with the first target at 1.0120 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 1.0090. The pivot point is at 1.0150.
Resistance levels: 1.0250 1.0280 1.0315
Support levels: 1.0120 1.0090 1.0075
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