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Fundamental overview:
USD/CHF is expected to trade in a lower range. It is undermined by the negative dollar sentiment and franc demand on the soft EUR/CHF cross and buoyant CHF/JPY cross. But USD/CHF losses are tempered by the negative Swiss interest rates, the threat of the Swiss National Bank to carry out CHF-selling intervention and positions adjustment ahead of the weekend.
Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish, five-day moving average is falling below 15-day moving average.
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 0.9480. A break of that target will move the pair further downwards to 0.9480. The pivot point stands at 0.9650. 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 move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9710 and the second target at 0.9770.
Resistance levels:
0.9710
0.9770
0.9820
Support levels:
0.9480
0.9440
0.94
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