USD/CHF is trading in higher range. The rate is underpinned by positive dollar sentiment; reduced safe-haven appeal of franc amid improved global risk appetite; franc sales on buoyant EUR/CHF cross. Daily chart is positive-biased as MACD and stochastics are bullish; five-day moving average is above 15-day MA and advancing; rate-of-change momentum indicator advancing in positive territory.
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.943 and the second target at 0.9455. You should keep in view short position below the pivot keep of the first target at 0.932, breach of this target will move the pair downward further and expect the second target at 0.929. The pivot point stands at 0.9355.
R1 – 0.943
R2 – 0.9455
R3 – 0.9475
S1 – 0.932
S2 – 0.929
S3 – 0.925
The material has been provided by InstaForex Company – www.instaforex.com