Overview:
USD/CHF is in range-trade. The rate is undermined by Swiss franc demand on buoyant CHF/JPY cross amid positive global risk sentiment. Asia is characterized by liquidity thin today as the financial markets in Japan are shut for holiday. But USD/CHF downside is limited by positive USD sentiment; CHF sales on rebounding EUR/CHF cross. Daily chart is mixed as MACD is bearish, but stochastics is in bullish mode.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.9429 and the second target at 0.9455. You should keep in view short position below the pivot keep of the first target at 0.9309, breach of this target will move the pair downward further and expect the second target at 0.9261. The pivot point stands at 0.931.
Support levels:
S1 - 0.9309 (Friday's low)
S2 - 0.9261 (Thursday's low)
S3 - 0.9244 (Wednesday's low).
Resistance levels:
R1 - 0.9429 (April 29 high)
R2 - 0.9455 (April 26 high)
R3 - 0.948