Overview:
USD/CHF is expected to range-trade. It is supported by the franc sales on soft CHF/JPY and easy Swiss National Bank's monetary policy. But USD/CHF upside is limited by the weak dollar sentiment and positions adjustment before the weekend. Daily chart is mixed as MACD is bearish, but stochastics is turning bullish near oversold zone.
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 0.8895. The pivot point stands at 0.8940. 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 0.8955 and the second target at 0.8975.
Resistance levels:
0.8955
0.8975
0.9015
Support levels:
0.8905
0.8895
0.8865
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