USD/CHF is expected to trade with bearish bias. It is undermined by the franc demand on cross trades versus major currencies amid mounting fears of the Greek default. But USD/CHF losses are tempered by the positive dollar sentiment, the negative Swiss interest rates, and the threat of the Swiss National Bank to carry out CHF-selling intervention.
Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastics is turned bullish at oversold levels.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9420 and the second target at 0.9475. In the alternative scenario, short positions are recommended with the first target at 0.9230 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9170. The pivot point is at 0.9290.
Resistance levels: 0.9420 0.9475 0.9525
Support levels: 0.9230 0.9170 0.9115
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