USD/CHF is expected to trade in a higher range. The pair keeps trading on the upside while being supported by the rising 20-period MA. The bullish momentum is still strong, as the intraday RSI is well directed above its neutrality area at 50. Furthermore, a strong support base has formed around 0.9625, which should limit any downward attempts. Above 0.9625, further advance is more likely to challenge 0.9760 (an intraday resistance). In case of a breakout, look for 0.9760 and 0.9790.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9760 and the second target at 0.9790. In the alternative scenario, short positions are recommended with the first target at 0.9585 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9560. The pivot point is at 0.9625.
Resistance levels: 0.9760 0.9790 0.9825
Support levels: 0.9585 0.9560 0.95
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