Overview:
USD/CHF is expected to trade with risks skewed lower. It is undermined by the weaker U.S. dollar sentiment and franc demand on soft EUR/CHF cross. But USD/CHF downside is limited by the franc sales on retreating CHF/JPY cross. Daily chart is negative-biased as MACD is bearish, stochastics is reverting to the bearish mode at oversold zone.
Trading recommendation:
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 0.8930 and the second target at 0.895. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.883. A breach of this target will push the pair further downwards and one may expect the second target at 0.8765. The pivot point is at 0.8855.
Resistance levels:
0.8930
0.895
0.8975
Support levels:
0.883
0.8795
0.8765
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