USD/CHF is expected to trade with bearish bias. It is supported by the threat of the Swiss National Bank to carry out CHF-selling intervention, the negative Swiss interest rates, and the broadly firmer USD undertone as uncertainty over Greece lingers. But USD/CHF gains are tempered by the franc demand on the soft EUR/CHF cross.
Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is turned bearish at overbought levels.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9340. A break of that target will move the pair further downwards to 0.9280. The pivot point stands at 0.9425. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to mo ve further to the upside. According to that scenario, long positions are recommended with the first target at 0.9475 and the second target at 0.9515.
Resistance levels: 0.9475 0.9515 0.9550
Support levels: 0.9340 0.9280 0.9250
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