FX.co ★ USD/CHF: Upside expected

Overview:
USD/CHF is trading in higher range. The rate is underpinned by positive dollar sentiment on Friday's stronger-than-expected U.S. April non-farm payrolls report and on buoyant U.S. stocks overnight (S&P rose 0.19% on Monday to finish at record high of 1617.5). Daily chart is positive-biased as stochastics is in bullish mode, MACD histogram bars have turned positive.

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 0.9334, breach of this target will move the pair downward further and expect the second target at 0.9309. The pivot point stands at 0.935.

Resistance levels:
R1 - 0.9429 (April 29 high)
R2 - 0.9455 (April 26 high)
R3 - 0.9483 (April 25 high)

Support levels:
S1 - 0.9334 (Monday's low)
S2 - 0.9309 (Friday's low)
S3 - 0.9261 (Thursday's low)