FX.co ★ USD/JPY: Upside prevails

Overview:
USD/CHF is consolidating with bullish bias after hitting two-week high of 0.9456 on Tuesday. The rate is buoyed by market chatter that the Swiss National Bank might move its Swiss franc/euro floor up to 1.2500 from 1.2000; positive USD sentiment. But USD/CHF gains tempered by CHF demand on buoyant CHF/JPY as weak yen sentiment supports the cross. Daily chart is positive-biased as stochastics is rising from oversold; MACD has staged bullish crossover against its exponential moving average.

Trading recommendations:
The pair is trading above its pivot point at 0.9456. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as price is above its pivot point, it will be most favorably to trade in higher range and buy position is recommended above its pivot with the first target at 0.948 and the second target at 0.9526. You should keep in view short position below the pivot of the first target at 0.9385, breach of this target enables the pair to move further downward and expect the second target at 0.9325. Pivot point stands at 0.941.

Resistance levels:
R1 - 0.948, R2 - 0.9526 (April 4 high), R3 - 0.9547-0.9553 band (March 28 high-March 27 high)
Support levels:
S1 - 0.9385, S2 - 0.9325 (Tuesday's low), S3 - 0.9303 (Monday's low)