FX.co ★ USD/CHF: Upside

Overview:
USD/CHF is trading in higher range. The rate is underpinned by positive USD sentiment; CHF sales on buoyant EUR/CHF cross. But USD/CHF gains tempered by CHF demand on buoyant CHF/JPY as weak yen sentiment supports the cross -- risk sentiment was boosted after the International Monetary Fund said markets had overreacted to recent lackluster Chinese data and that China's economy remains on track to grow 8% this year; positive USD sentiment on higher U.S. equities. Daily chart is mixed as MACD is bearish; but stochastics is in bullish mode, bullish outside-day-range pattern was completed on Friday.

Trading recommendations:

At the best-case scenario the pair is trading in higher ranges and if it continues the above mentioned behavior and is traded above its pivot point predicted, then buys with upside targets at 0.9365 and 0.938 will be preferred where Pivot point stands at 0.9275 (Friday's low). In case the price moves in opposite direction and returns from its resistance or moves below its pivot point it will be most favorably to trade in lower range and sell below the pivot point with first target at 0.924 and second target at 0.9205.

Resistance levels:
R1 - 0.9366 (April 9 high), R2 - 0.939, R3 - 0.9433 (April 5 high)
Support levels:
S1 - 0.925, S2 - 0.9204 (Tuesday's near-two-month low), S3 - 0.9182 (Feb. 20 low)