Overview:
USD/CHF is trading in a range. It is undermined by weaker dollar sentiment; the franc demand in the rising CHF/JPY cross. But USD/CHF downside is limited by the franc sales in the buoyant EUR/CHF cross; positions adjustment before weekend. Daily chart is mixed as MACD is bullish, but stochastics is falling from overbought zone.
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, a long position is recommended with the first target at 0.92 and the second target at 0.9225. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.911 the breach of this target will move the pair further downwards and one may expect the second target at 0.909. The pivot point stands at 0.913.
Resistance levels:
0.92
0.9225
0.9245
Support levels:
0.911
0.909
0.907
