Overview:
USD/CHF is in range-trade. The rate is undermined by CHF demand on soft EUR/CHF cross and on buoyant CHF/JPY as weak yen sentiment supports the cross. But USD/CHF downside limited by positive USD sentiment; positions adjustment before weekend. Daily chart is still positive-biased as MACD and stochastics are bullish, although latter is at overbought; five-day moving average is above 15-day MA and rising.
Trading recommendations:
The pair is trading below its pivot point at 0.9428. The pair is likely to trade in lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.94 in view, breach of this target will further move the pair downward and expect the second target at 0.9382. Pivot point stands at 0.9455. In case the price moves in opposite direction and returns from its support and moves above its pivot point then it will be most favorably to trade in higher range and buy position is recommended above its pivot with first target at 0.9498 and second target at 0.9526.
Resistance levels:
R1 - 0.9498 (Wednesday's high)
R2 - 0.9526 (April 4 high)
R3 - 0.9547-0.9553 band (March 28 high-March 27 high)
Support levels:
S1 - 0.94
S2 - 0.9382 (200-day moving average)
S3 - 0.9325 (Tuesday's low)