Overview:
USD/CHF is expected to trade in a range. It is supported by the positive dollar sentiment. But USD/CHF upside is limited by the franc demand on soft EUR/CHF cross and flows to haven CHF amid increased risk aversion. Daily chart is still negative-biased as MACD and stochastics are in bearish mode, five-day moving average is below 15-day MA and is declining.
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 0.8905. A breach of this target will move the pair further downwards to 0.88895. The pivot point stands at 0.8955. 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 0.8975 and the second target at 0.8985.
Resistance levels:
0.8975
0.8985
0.9015
Support levels:
0.8905
0.8895
0.8865
The material has been provided by InstaForex Company - www.instaforex.com
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