Overview:

USD/CHF is expected to trade in a lower range. It is undermined by the negative dollar sentiment, franc demand on retreating EUR/CHF cross and 0.4% monthly rise in Switzerland March CPI. But USD/CHF losses are tempered by the franc sales on soft CHF/JPY cross and dovish Swiss National Bank's monetary policy stance. Daily chart is mixed as MACD is bullish, five- and fifteen-day moving averages are advancing, but stochastics is turning 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 0.8830. A breach of this target will move the pair further downwards to 0.8810. The pivot point stands at 0.8870. 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 0.8890 and the second target at 0.89100.

Resistance levels:
0.8890
0.8910
0.8940

Support levels:
0.8830
0.8810
0.8775