USD/CHF is expected to trade on the upside as bias remains bullish. The pair broke above its previous key resistance at 1.0170, which becomes a support now, and accelerated on the upside. The 50-period moving average is rising and suggests further upside potential. The relative strength index is above its neutrality area at 50 and lacks downward momentum. As long as 1.0170 holds on the downside, look for a further upside towards 1.0250 and 1.0280 in extension.
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 1.0250 and the second target at 1.0280. In the alternative scenario, short positions are recommended with the first target at 1.0140 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 1.0120. The pivot point is at 1.0170.
Resistance levels: 1.0250 1.0280 1.0315
Support levels: 1.0140 1.0120 1.0090