Overview:
USD/CHF is expected to trade in lower range. The RSI advocates for further downside and is well directed. Daily chart is mixed as MACD is bearish, but stochastics is bearish at overbought.
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 0.88 in mind. A breach of this target will move the pair further downwards to 0.876. The pivot point stands at 0.887. 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 0.89 and the second target at 0.892.
Resistance levels:
0.89
0.892
0.8955
Support levels:
0.88
0.876
0.872
