USD/CHF is expected to consolidate with risks skewed higher after hitting a weekly low of 0.9073 on Thursday. It is supported by negative Swiss interest rates and the threat of Swiss National Bank CHF-selling intervention. But USD/CHF gains are tempered by the positions adjustment ahead of the weekend.
The daily chart is still negative-biased as the MACD and stochastics are in bearish mode.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9240 and the second target at 0.9295. In the alternative scenario, short positions are recommended with the first target at 0.9060 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.8970. The pivot point is at 0.9140.
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