Overview:
USD/CHF is trading in lower range. CHF sentiment was boosted by higher-than-expected Switzerland April KOF economic barometer (came in at 1.02 vs. 0.98 forecast). USD/CHF is also undermined by weaker USD sentiment; CHF demand on soft EUR/CHF cross. Daily chart is mixed as MACD is bullish, 5- and 15-day moving averages are rising; but stochastics is turning bearish at overbought.
Trading recommendation:
The pair is trading below its pivot point. 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 0.9355 in view, breach of this target will move further the pair downward and you should expect the second target at 0.9325. Pivot point stands at 0.944. In case the price moves in opposite direction and returns from its support and moves above its pivot point then trading in higher range is the most favorable and buy position is recommended above its pivot with the first target at 0.9455 and the second target at 0.9498.
Support levels:
S1 - 0.9355
S2 - 0.9325 (Tuesday's low)
S3 - 0.93
Resistance levels:
R1 - 0.9455 (Friday's high)
R2 - 0.9498 (Wednesday's high)
R3 - 0.9526 (April 4 high)