USD/CHF is likely to trade in a lower range today. The pair is undermined by weaker dollar sentiment (ICE spot dollar index last 96.09 versus 96.32 early Thursday) and franc demand on a retreating EUR/CHF cross. But USD/CHF losses are tempered by the threat of Swiss National Bank CHF-selling intervention and negative Swiss interest rates.

Technical comment:

The daily chart is still positive-biased as the MACD and stochastics are bullish, although latter is at overbought levels, five-day moving average above 15-day moving average and is advancing

Trading recommendations:

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 0.9360. A break of that target will move the pair further downwards to 0.9330. The pivot point stands at 0.9450. 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 0.95 and the second target at 0.9540.

Resistance levels: 0.95 0.9540 0.96

Support levels: 0.9360 0.9330 0.9285