USD/CHF is expected to consolidate with bearish tone. It is supported by the franc sales on the buoyant EUR/CHF cross and the threat of the Swiss National Bank to carry out CHF-selling intervention, and the negative Swiss interest rates.
The daily chart is positive-biased as the MACD and stochastics are bullish, although the latter one is at overbought levels.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9340. A break of that target will move the pair further downwards to 0.9280. The pivot point stands at 0.9425. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to mo ve further to the upside. According to that scenario, long positions are recommended with the first target at 0.475 and the second target at 0.9515.
Resistance levels: 0.9475 0.9515 0.9550
Support levels: 0.9340 0.9280 0.9250
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