USD/CHF is expected to trade with bullish bias. After the recent strong rebound, the pair is turning upwards and is likely to challenge its nearest resistance at 0.9790. The immediate trend is upward, but the momentum seems to be weak. Nevertheless, a strong support around 0.9720 should prevent any downward attempts. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited before a new rise to 0.9810 and 0.9845 in extension.
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 0.9790 and the second target at 0.9820. In the alternative scenario, short positions are recommended with the first target at 0.9695 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 0.9665. The pivot point is at 0.9720.
Resistance levels: 0.9810 0.9845 0.99
Support levels: 0.9695 0.9665 0.9640
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