Overview:
USD/CHF is expected to trade in a lower range. It is supported by the broadly firmer dollar undertone and dovish Swiss National Bank's monetary policy stance. Daily chart is still negative-biased as MACD and stochastics are in bearish mode, five-day moving average is staged bearish crossover against 15-day MA.
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. Short position is recommended with the first target at 0.8935. A breach of this target will move the pair further downwards to 0.8920. The pivot point stands at 0.8975. In case the price moves in the opposite direction and bounces back from the support level, and then it moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.9 and the second target at 0.9015.
Resistance levels:
0.9
0.9015
0.9045
Support levels:
0.8935
0.8920
0.89
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