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Fundamental overview:
USD/CHF is expected to consolidate with bullish bias after hitting a six-day high of 0.9760 on Tuesday. It is underpinned by the broadly firmer dollar undertone (ICE spot dollar index 98.43 versus 97.94 early Tuesday) on the back of Lacker's comment that there is a "strong case" for the US central bank to begin raising short-term interest rates at its policy meeting in June and stronger-than-expected US Conference Board March consumer confidence index of 101.3 (versus forecast 96.8), the franc sales on soft CHF/JPY cross, negative Swiss interest rates, and threat of the Swiss National Bank CHF-selling intervention.
Technical comment:
The daily chart is mixed as the MACD is bearish but stochastics is rising from oversold levels.
Trading recommendations:
The pair is trading above its pivot point. It is likely to be trading in a higher range as far as it remains above its pivot point. As long as the price holds above its pivot point, a long position is recommended with the first target at 0.9765 and the second target at 0.9810. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9590. A break of this target would push the pair further downwards, and one may expect the second target at 0.9525. The pivot point is at 0.9635.
Resistance levels:
0.9765
0.9810
0.9865
Support levels:
0.9590
0.9525
0.9485
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