Overview:
USD/CHF is trading with bullish bias. The rate is underpinned by stronger dollar sentiment. But USD/CHF gains are tempered by flows to haven franc amid increased risk aversion. Daily chart is mixed as stochastics is in bearish mode, but 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, trading in higher range is most favorable and buy position is recommended above its pivot, with the first target at 0.929 and the second target at 0.931. You should keep in view short position below the pivot keep of the first target at 0.9195, breach of this target will move the pair downward further and one may expect the second target at 0.916. The pivot point stands at 0.9225.
Resistance Levels:
R1 - 0.929
R2 - 0.931
R3 - 0.934
Support Levels:
S1 - 0.9195
S2 - 0.916
S3 - 0.911