Fundamental overview:
USD/CHF is expected to range-trade. It is undermined by the softer dollar sentiment and lower US Treasury yields (10-year at 1.948% versus 2.009% late Thursday) after a weaker-than-expected third estimate of the US GDP Q4 annual growth rate of +2.2% (versus forecast +2.4%). The USD/CHF downside is limited by the negative Swiss interest rates and the threat of the Swiss National Bank to carry out CHF-selling intervention.

Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastics is turned bullish at oversold levels.

Trading recommendations:
The pair is trading above its pivot point. It is likely to be trading in a higher range as far as it remains above its pivot point. As long as the price holds above its pivot point, a long position is recommended with the first target at 0.9720 and the second target at 0.7765. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7525. A break of this target would push the pair further downwards, and one may expect the second target at 0.7485. The pivot point is at 0.7570.

Resistance levels:
0.9720
0.9760
0.9820

Support levels:
0.9525
0.9485
0.9425