Overview:
USD/CHF to trade with bearish bias. Undermined by negative dollar sentiment; the franc demand in retreating EUR/CHF cross. Data focus: 05.45 GMT Switzerland August unemployment, 07.15 GMT July retail sales. Daily chart is mixed as MACD is bullish, the five-day moving average is above 15-day MA and advancing, but stochastics is turning bearish and overbought.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a 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 a buy position is recommended above its pivot, with the first target at 0.935 and the second target at 0.933. You should keep in view short positions below the pivot. Keep the first target at 0.9455. The breach of this target will move the pair downward further and one may expect the second target at 0.949. The pivot point stands at 0.943.
Support levels:
0.935
0.933
0.93
Resistance levels:
0.9455
0.949
0.9525
