FX.co ★ USDCHF: Bullish Bias (Oct 30, 2013)

Overview:
USD/CHF is consolidating after hitting one-week high of 0.9002 Tuesday as markets await U.S. FOMC monetary policy decision. USD/CHF is supported by reduced safe-haven appeal of the franc amid positive risk sentiment; franc sales in the buoyant EUR/CHF cross. Daily chart is positive-biased as stochastics is in bullish mode, MACD is turning bullish.

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 0.8915 and the second target at 0.889. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9005 the breach of this target will move the pair further downwards and one may expect the second target at 0.902. The pivot point stands at 0.896.

Resistance levels:
0.9005
0.902
0.904

Support levels:
0.8915
0.889
0.885