FX.co ★ Technical analysis of USD/CHF for January 16, 2014

Overview:В 
USD/CHF is expected to trade in higher range. This movement is supported by the positive dollar sentiment and franc sales on rising EUR/CHF cross. Daily chart is positive-biased as MACD is in bullish mode and stochastics is turning bullish.В 

Trading recommendation:

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 0.911 and the second target at 0.9125 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.902.A breach of this target will move the pair further downwards and one may expect the second target at 0.8985. The pivot point stands at 0.9045.

Resistance levels:В 
0.911
0.9125
0.914

Support levels:В 
0.902
0.8985
0.895