Overview:

USD/CHF is expected to consolidate with bearish bias after hitting near-one-month low 0.8901 on Friday. It is undermined by flows to haven franc amid elevated risk aversion and Swiss franc demand on soft EUR/CHF cross. But USD/CHF losses are tempered by franc sales on soft CHF/JPY cross. Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is falling below 15-day MA.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.8925 in mind. A breach of this target will move the pair further downwards to 0.89. The pivot point stands at 0.899. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favourably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.9015 and the second target at 0.904.

Resistance levels:
0.9015
0.904
0.908

Support levels:
0.8925
0.89
0.888