FX.co ★ USD/CHF: Further upside (October 31, 2013)

Overview:
USD/CHF is trading with bullish bias after hitting one-week high 0.9023 Wednesday. The rate is underpinned by positive dollar sentiment. But CHF sentiment boosted by stronger-than-expected Swiss October KOF economic barometer (came in at 1.72, highest since September 2012, versus 1.57 forecast). Daily chart is positive-biased as MACD and stochastics are 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 0.9085 and the second target at 0.9110. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8945 the breach of this target will move the pair further downwards and one may expect the second target at 0.8915. The pivot point stands at 0.898.

Resistance levels:
0.9085
0.9110
0.9135

Support levels:
0.8915
0.889
0.885