Overview:
USD/CHF is expected to consolidate in a lower range. It is undermined by the franc demand on buoyant CHF/JPY cross and on soft EUR/CHF cross. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy stance. Daily chart is still positive-biased as MACD and stochastics are bullish, although latter is at overbought zone, five and 15-day moving averages are advancing.
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 0.8985 and the second target at 0.9015. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8910. A breach of this target will push the pair further downwards and one may expect the second target at 0.8885. The pivot point is at 0.8935.
Resistance levels:
0.8985
0.9015
0.9045
Support levels:
0.8910
0.8885
0.8850
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