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Fundamental Overview:
USD/CHF is expected to trade in higher range.It is undermined by the positive USD sentiment on higher-than-expected preliminary University of Michigan U.S. September consumer sentiment index of 84.6 (versus forecast 83.0 and final-August 82.5), higher U.S. Treasury yields (10-year at 2.609% versus 2.551% late Thursday) as market participants anticipate a more hawkish tone from the Federal Reserve in its policy statement on Wednesday and by the CHF demand on buoyant CHF/JPY cross and on soft AUD/CHF, NZD/CHF, CAD/CHF crosses. But USD/CHF losses are tempered by the rising U.S. yields and dovish Swiss National Bank's monetary policy.
Technical Comments:
Daily chart is mixed as MACD is bullish, but stochastics is turned bearish at overbought zone.
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.94 and the second target at 0.9430. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9290. A break of this target would push the pair further downwards and one may expect the second target at 0.9250. The pivot point is at 0.9330.
Resistance levels:
0.94
0.9430
0.9465
Support levels:
0.9290
0.9250
0.9210
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