Overview:
USD/CHF is expected to trade with a bullish bias. It is supported by the positive dollar sentiment, franc sales on soft CHF/JPY cross, and dovish Swiss National Bank's monetary policy. But USD/CHF gains are tempered by the flows to haven CHF amid heightened geopolitical concerns over Ukraine and the Middle East as well as adjustment of positions before the weekend. The daily chart is mixed as MACD is bullish, five and 15-day moving averages are advancing but stochastics is bearish in the overbought zone.
Trading recommendations:
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 0.9035. A break of this target will move the pair further downwards to 0.9010. The pivot point stands at 0.9085. In case the price moves in the opposite direction and bounces back from the support level, then it will 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 0.9115 and the second target at 0.9135.
Resistance levels:
0.9115
0.9135
0.9155
Support levels:
0.9035
0.9010
0.8975
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