Overview:

USD/CHF is expected to consolidate with bullish bias after hitting two-week low at 0.8909 on Thursday. Swiss National Bank on Thursday maintained the floor of CHF1.20 per euro and held its target range for the three-month London interbank offered rate at 0.0% to 0.25% as widely expected. USD/CHF is undermined by the negative dollar sentiment and franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the positions adjustment before weekend. 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 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 0.8985 and the second target at 0.9. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8920. A breach of this target would push the pair further downwards and one may expect the second target at 0.8905. The pivot point is at 0.8945.

Resistance levels:
0.8985
0.9
0.9025

Support levels:
0.8920
0.8905
0.8875