FX.co ★ USD/CHF: Rebound expected (November 14, 2013)

Overview:
USD/CHF is trading with bullish bias. The rate is undermined by weaker dollar sentiment; franc demand on buoyant CHF/JPY cross. Data focus: 08:15 GMT Switzerland October PPI, import price index. Daily chart is mixed as MACD is bullish, but stochastics is falling from overbought.

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 0.922 and the second target at 0.9245. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.911 the breach of this target will move the pair further downwards and one may expect the second target at 0.909. The pivot point stands at 0.9135.

Resistance levels:
0.922
0.9245
0.9275

Support levels:
0.911
0.909
0.907