Overview: USD/CHF is consolidating after hitting one-week high of 0.9081 Friday. It is undermined by negative dollar sentiment. But USD/CHF downside is limited by franc sales in the soft CHF/JPY cross. Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold zone. 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. A short position is recommended with the first target at 0.9 in view; a breach of this target will move the pair further downwards to 0.8975. The pivot point stands at 0.9055. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, then the price is most favorably expected to move further to the upside, In that scenario a long position is recommended with the first target at 0.906 and the second target at 0.908. Support levels: 0.9 0.8975 0.895 Resistance levels: 0.906 0.908 0.91
