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USD/CHF is expected to trade in a lower range as key resistance is at 0.9715. Despite the recent technical rebound, the pair remains under pressure below its nearest resistance at 0.9715. The relative strength index lacks upward momentum. Besides, the 50-period moving average is still badly directed, which should call for a new decline. To conclude, as long as 0.9715 is resistance, a decline to 0.9625 and 0.9590 (Mar. 30 bottom) is likely.
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 0.9625. A break of this target will move the pair further downwards to 0.960. The pivot point stands at 0.9715. 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 0.9760 and the second target at 0.9785.
Resistance levels: 0.9760, 0.9785, 0.9835
Support levels: 0.9625, 0.9590 , 0.9545
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