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Fundamental overview:
USD/CHF is expected to trade in a lower range. It is undermined by the softer USD sentiment (ICE spot dollar index last 96.87 versus 97.29 early Thursday) as more-than-expected 282,000 US jobless claims in the week ended May 23 (versus forecast 272,000) offset stronger-than-expected 3.4% increase in the US April pending home sales (versus forecast +1.0%). The pair is also supported by the franc demand on cross trades versus major currencies. 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 mixed as the MACD is bullish, but stochastics is 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 0.9335. A break of that target will move the pair further downwards to 0.9280. The pivot point stands at 0.9480. 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 0.9515 and the second target at 0.9550.
Resistance levels: 0.9515 0.9550 0.9610
Support levels: 0.9335 0.9280 0.9245
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