Overview:
USD/CHF is trading in lower range. The rate is undermined by franc demand on buoyant CHF/JPY as weak yen sentiment supports the cross; improvement in Switzerland's unemployment rate to 3.0% in May from 3.1% in April. But USD/CHF losses are tempered by positive dollar sentiment. Daily chart is negative-biased as MACD is bearish, 5- and 15-day moving averages are falling, stochastics is staying suppressed at oversold.
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 0.9245 in view, breach of this target will move further the pair downward and you should expect the second target at 0.92. Pivot point stands at 0.933. 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 0.9375 and the second target at 0.942.
Support Levels:
S1 - 0.9245
S2 - 0.92
S3 - 0.9175
Resistance Levels:
R1 - 0.9375
R2 - 0.942
R3 - 0.9475