Overview:
USD/CHF is trading in lower range. Swiss National Bank on Thursday left its monetary policy unchanged as widely expected, keeping its minimum exchange rate at CHF1.2000 per euro. USD/CHF is undermined by flows to haven franc amid negative global risk sentiment. But USD/CHF losses are tempered by broadly strong demand for dollar; positions adjustment before weekend. Daily chart is still positive-biased as stochastics rising from oversold, negative MACD histogram bars contracting.
Trading recommendations:
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 0.936 and the second target at 0.4153. You should keep in view short position below the pivot keep of the first target at 0.923, breach of this target will move the pair downward further and expect the second target at 0.917. The pivot point stands at 0.923.
Resistance levels:
R1 - 0.936
R2 - 0.9415
R3 - 0.9465
Support levels:
S1 - 0.923
S2 - 0.917
S3 - 0.913
