USD/CHF is expected to trade with a bullish bias above 0.9605. The pair stands firmly above its nearest support at 0.9605 and is expected to post a new rise. Meanwhile, both the rising 20-period and 50-period moving averages are playing support roles. Besides, the relative strength index is bullish above its neutrality area at 50 and lacks downward momentum. Hence, as long as 0.9605 is not broken down, further upside is expected with the next horizontal resistance and overlap set at 0.9690 and 0.9715 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. Therefore, long positions are recommended with the first target at 0.9690 and the second one at 0.9715. In the alternative scenario, short positions are recommended with the first target at 0.9570 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 0.9530. The pivot point is at 0.9605.
Resistance levels: 0.9690, 0.9715, 0.9750
Support levels: 0.9570, 0.9550, 0.9530