Overview:
USD/CHF is consolidating in a higher range as markets are awaiting the U.S. nonfarm payrolls report. USD/CHF is undermined by the weaker dollar sentiment, the franc demand in the soft EUR/CHF cross. But the USD/CHF losses areВ tempered by positions adjustment before the weekend. Daily chart isВ mixed as MACD is bullish, but stochastics turned bearish in overbought zone.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.911 and the second target at 0.9135 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9015. A breach of this target will move the pair further downwards and one may expect the second target at 0.8985. The pivot point stands at 0.9045.
Resistance levels:
0.911
0.9135
0.9155
Support levels:
0.9015
0.8985
0.895В