Overview:
USD/CHF is expected to rebound. It is undermined by the positive dollar sentiment and franc demand on soft EUR/CHF cross. But USD/CHF losses are tempered by the franc sales on weak CHF/JPY cross. Daily chart is mixed as MACD is bullish, but stochastics is falling from overbought zone.В
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 0.9125 and the second target at 0.914 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.902.A breach of this target will move the pair further downwards and one may expect the second target at 0.8985. The pivot point stands at 0.9045.
Resistance levels:
0.9125
0.914
0.9175
Support levels:
0.902
0.8985
0.895В В