Overview:
USD/CHF is expected to range-trade. It is and supported by the reduced safe-haven appeal of franc as risk aversion recedes. But USD/CHF upside is limited by the franc demand on buoyant CHF/JPY cross. Daily chart is mixed as stochastics is neutral, MACD is in bearish mode, inside-day-range pattern was completed on Tuesday.
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 0.908 and the second target at 0.91. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.898. A breach of this target will push the pair further downwards and one may expect the second target at 0.8955. The pivot point is at 0.9015.
Resistance levels:
0.908
0.91
0.912
Support levels:
0.898
0.8955
0.8925
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