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USD/CHF is expected to trade with bearish bias. The pair has reversed down and stays below its key resistance at 0.9775. Meanwhile, the intraday RSI is negatively oriented. Therefore, a first target to the downside is set at 0.9690. A break below this level would open the way to further weakness towards the horizontal support and overlap at 0.9620 in extension.
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 0.9620. A break of this target will move the pair further downwards to 0.9550. The pivot point stands at 0.9775. 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 0.9815 and the second one at 0.9880.
Resistance levels: 0.9815, 0.9880, 0.9975
Support levels: 0.9620, 0.9550, 0.9500
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