Overview:

USD/CHF is expected to trade with bearish bias. It is undermined by the weaker dollar sentiment and franc demand on the buoyant CHF/JPY cross. But the CHF sentiment is dented by the weaker-than-expected Switzerland March KOF economic barometer (came in at 1.99 versus 2.02 forecast). USD/CHF downside is also limited by the dovish monetary policy of the Swiss National Bank. Daily chart is mixed as MACD is bullish, five-day moving average is above 15-day MA and is advancing, but stochastics is turned bearish at overbought zone.

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. Short position is recommended with the first target at 0.8810. A breach of this target will move the pair further downwards to 0.8785. The pivot point stands at 0.8875. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.89 and the second target at 0.8930.

Resistance levels:
0.89
0.8930
0.8960

Support levels:
0.8810
0.8785
0.8765