Overview:
USD/CHF is expected to trade in a range. It is undermined by the franc demand on soft EUR/CHF and CAD/CHF crosses. But USD/CHF downside is limited by the dovish Swiss National Bank's monetary policy. The daily chart is mixed as MACD is in the bearish mode, but stochastics is bullish, five-day moving average is meandering sideways above the declining 15-day MA.
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 0.8895. A break of this target will move the pair further downwards to 0.8880. The pivot point stands at 0.8940. In case the price moves in the opposite direction and bounces back from the support level, 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 0.8960 and the second target at 0.8975.
Resistance levels:
0.8960
0.8975
0.90
Support levels:
0.8895
0.8880
0.8860
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