Overview:
USD/CHF is trading in lower range. The rate is undermined by franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by positive dollar sentiment, positions adjustment before weekend. Daily chart is mixed as stochastics is bearish; but MACD is in bullish mode.
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. A short position is recommended with the first target at 0.908 in view; a breach of this target will move the pair further downwards to 0.906. The pivot point stands at 0.913. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favorably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.9165 and the second target at 0.92.
Resistance levels:
0.9165
0.92
0.9225
Support levels:
0.908
0.904
0.9
