Overview:
USD/CHF to trade in lower range. Undermined by franc demand on buoyant CHF/JPY cross amid positive investor risk appetite. But USD/CHF losses tempered by positive dollar sentiment; positions adjustment before weekend. Daily chart is mixed as MACD is flat, stochastics is turning bullish.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short positions are recommended with the first target at 0.929 in view; a breach of this target will move the pair downwards further and you should expect the second target at 0.931. The pivot point stands at 0.9265. In case the price moves in the opposite direction, returns from its support, and moves above its pivot point, then trading in a higher range is the most favorable and positions buying is recommended above its pivot with the first target at 0.9195 and the second target at 0.916.
Resistance levels:
R1 - 0.929
R2 - 0.931
R3 - 0.934
Support levels:
S1 - 0.9195
S2 - 0.916
S3 - 0.911
