Overview:
USD/CHF is expected to trade in a higher range. It is undermined by the franc demand on buoyant CHF/JPY cross. But USD/CHF downside move is limited by the dovish Swiss National Bank's monetary policy and franc sales on buoyant EUR/CHF cross. The daily chart is mixed as stochastics is bullish, but MACD is in the bearish mode.
Trading recommendations:
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 0.8975 and the second target at 0.8990. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8895. A break of this target would push the pair further downwards and one may expect the second target at 0.8880. The pivot point is at 0.8920.
Resistance levels:
0.8975
0.8990
0.9025
Support levels:
0.8895
0.8880
0.8860
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