FX.co ★ USDCHF: Upside Prevails (Oct 15, 2013)

OvervieW:
USD/CHF is trading with risks skewed higher. The pair is supported by improved dollar sentiment, reduced safe-haven appeal of the franc amid positive investor risk appetite. But USD/CHF gains are tempered by the franc demand in the buoyant CHF/JPY cross. Daily chart is positive-biased as MACD & stochastics are bullish, the five-day moving average is above the 15-day MA and advancing.

Trading recommendations:
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 0.9185 and the second target at 0.9215. In alternative scenario, if the price moves below its pivot points short positions are recommended with the first target at 0.906, the breach of this target will move the pair further downwards and one may expect the second target at 0.9015. The pivot point stands at 0.909.

Resistance levels:
0.9185
0.9215
0.925

Support levels:
0.906
0.9015
0.8975