Overview:

USD/CHF is expected to trade in a lower range. It is undermined by the negative dollar sentiment. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy stance and franc sales on soft CHF/JPY cross and positions adjustment before the weekend. Daily chart is mixed as MACD is in the bearish mode, but stochastics is neutral.

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 0.8955. A breach of this target will move the pair further downwards to 0.8940. The pivot point stands at 0.9015. In case the price moves in the opposite direction and bounces back from the 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 0.9035 and the second target at 0.9060.

Resistance levels:
0.9035
0.9060
0.9085

Support levels:
0.8955
0.8940
0.89