USD/CHF may rise 23 - 33 pips

0.8582 is our pivot point.

Our preference

The upside prevails as long as 0.8582 is support.

Alternative scenario

The downside breakout of 0.8582 would call for 0.8565 and 0.8554.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.8583 and 0.8578).

Supports and resistances

0.8652 **

0.8642 *

0.8631 **

0.8621

0.8598 last

0.8589

0.8582 **

0.8565 *

0.8554 **

Number of asterisks represents the strength of support and resistance levels.