Fundamental Overview:

USD/CHF is expected to consolidate in a higher rage after hitting a year high at 0.9380 on Tuesday. It is undermined by the spillover strength from rebounding RUR on CHF, franc demand on buoyant CHF/JPY cross amid the weak yen sentiment and profit-taking on long USD positions. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy and underpinned by higher U.S. Treasury yields (10-year at 2.502% versus 2.471% late Monday). Hawkish comments by the San Francisco Federal Reserve triggered expectations that the Fed might sound less dovish in next week's policy statement.

Technical Comments:
The daily chart is mixed as MACD is bullish, 5 and 15-day moving averages are advancing but stochastics is turning bearish to the overbought zone.

Trading recommendations:

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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9380 and the second target at 0.9430. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9290. A break of this target would push the pair further downwards and one may expect the second target at 0.9250. The pivot point is at 0.9315.

Resistance levels:
0.9380
0.9430
0.9465

Support levels:
0.9290
0.9250
0.9210