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USD/CHF pair is under pressure. The pair is still moving sideways within the trading range between 0.9690 and 0.9520, and is likely to test the lower boundary in sight. The risk of a break below the threshold remains high, as the RSI indicator is negative, and favors a new decline. In conclusion, the outlook remains negative, as long as 0.9690 holds on the upside. A downside breakout of 0.9690 would trigger bearish acceleration towards 0.9550.
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 0.9640. A breakout of that target will move the pair further downwards to 0.960. The pivot point stands at 0.9725. 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 0.9765 and the second target at 0.9795.
Resistance levels: 0.9730 0.9765 0.9795
Support levels: 0.9550 0.9520 0.9475
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