Overview:
USD/CHF is in range-trade. The rate is supported by positive dollar sentiment. But USD/CHF upside is limited by franc demand on soft EUR/CHF cross; caution ahead of U.S. May non-farm payrolls report Friday. Daily chart is mixed as five-day moving average is below 15-day MA and falling, MACD is bearish; but stochastics is turning bullish at oversold, inside-day-range pattern was completed on Tuesday.
Trading recommendations:
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 0.94 in view, breach of this target will move further the pair downward and you should expect the second target at 0.936. Pivot point stands at 0.9515. 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 0.9555 and the second target at 0.9585.
Resistance Levels:
R1 - 0.9555
R2 - 0.9585
R3 - 0.9625
Support Levels:
S1 - 0.94
S2 - 0.936
S3 - 0.932