USD/CHF is expected to trade in a higher range. The pair stays above its key support at 0.9875 and remains on the upside. Both rising 20-period and 50-period moving averages maintain a bullish bias. Meanwhile, the relative strength index stands above 50. Further upside is therefore expected with the next horizontal resistance and overlap at 0.9990. A breakout above this level would call for further advance towards 1.0030.
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. Therefore, long positions are recommended with the first target at 0.999 and the second one at 1.0030. In the alternative scenario, short positions are recommended with the first target at 0.9840 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 0.9785. The pivot point is at 0.9875.
Resistance levels: 0.9990, 1.0030, 1.0060
Support levels: 0.9840, 0.9785, 0.9750