Overview:
USD/CHF is expected to trade with risks skewed lower. It is undermined by the flows to haven CHF amid increased investor risk aversion. But USD/CHF losses are tempered by the franc sales on soft CHF/JPY cross. Daily chart is still positive-biased as MACD and stochastics is in bullish mode, 5-day moving average is above 15-day MA and is advancing, although inside-day-range pattern was completed on Wednesday.
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 0.8870 and the second target at 0.8880. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8810. A breach of this target will push the pair further downwards and one may expect the second target at 0.8785. The pivot point is at 0.8830.
Resistance levels:
0.887
0.8890
0.8915
Support levels:
0.8810
0.8785
0.8765
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