USD/CHF is expected to consolidate with bullish bias as markets await the FOMC policy decision. USD/CHF is supported by the contagion from the weak euro on the Swissie, the negative Swiss interest rates, and the threat of the Swiss National Bank to carry out CHF-selling intervention.
The daily chart is mixed as five-day moving average is meandering sideways below declining 15-day moving average. Stochastics is turning bullish near oversold 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 0.9510. A break of that target will move the pair further downwards to 0.9170. The pivot point stands at 0.9315. 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 move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9360 and the second target at 0.9420.
Resistance levels: 0.9360 0.9420 0.9475
Support levels: 0.9210 0.9170 0.9115
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