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USD/CHF is expected to trade in the upside as the bias remains bullish. The pair stands firmly above its horizontal support at 0.9630 and is likely to post further advance. At the same time, the relative strength index lacks downward momentum. In conclusion, as long as 0.9630 is not broken, further upside is expected with the next horizontal resistance at 0.9800 and 0.9840 in extension.
Trading recommendation:
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. Therefore, long positions are recommended with the first target at 0.98 and the second one at 0.984. In the alternative scenario, short positions are recommended with the first target at 0.9586 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 0.9515. The pivot point is at 0.9630.
Resistance levels: 0.980, 0.9840, 0.9910
Support levels: 0.9585, 0.9515, 0.9450
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