FX.co ★ USD/CHF: Upside prevails

Overview:
USD/CHF is consolidating with bullish bias after hitting eight-month high of 0.9628 on Friday. The rate is underpinned by positive USD sentiment. But USD/CHF gains tempered by franc demand on buoyant CHF/JPY as weak yen sentiment supports the cross, and franc demand on buoyant EUR/CHF cross. Daily chart is positive-biased as MACD and stochastics are bullish; five- and 15-day moving averages are advancing.

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 0.9628 and the second target at 0.9675. You should keep in view short position below the pivot keep of the first target at 0.9472, breach of this target will move the pair downward further and expect the second target at 0.941. The pivot point stands at 0.951

Resistance levels:
R1 - 0.9628 (Friday's high)
R2 - 0.9675
R3 - 0.971

Support levels:
S1 - 0.9472 (Friday's low)
S2 - 0.941
S3 - 0.9355