USD/CHF may rise 24 - 35 pips

Our pivot point stands at 0.8948.

Our preference

As long as 0.8948 is support look for 0.8999.

Alternative scenario

The downside breakout of 0.8948 would call for 0.8930 and 0.8919.

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 positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 0.8946 and 0.8916).

Supports and resistances

0.9020 **

0.9010 *

0.8999 **

0.8988

0.8964 last

0.8955

0.8948 **

0.8930 *

0.8919 **

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