USD/CHF is expected to trade with a bearish bias. It is underpinned by the broadly firmer dollar undertone (ICE spot dollar index last 96.21 versus 95.21 early Friday), negative Swiss interest rates, and the threat of Swiss National Bank CHF-selling intervention. But USD/CHF gains are tempered by franc demand on the soft EUR/CHF cross.
The daily chart is positive-biased as the MACD and stochastics are bullish, five-day moving average is above 15-day moving average and is advancing.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9280. A break of that target will move the pair further downwards to 0.9250. The pivot point stands at 0.9370. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9415 and the second target at 0.9460.
Resistance levels: 0.9415 0.9460 0.95
Support levels: 0.9280 0.9250 0.92