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USD/CHF is expected to trade with a bearish bias as key resistance is at 0.9650. Despite yesterday's technical rebound, the pair is still under pressure below its key resistance at 0.9650, which should limit any upward attempts. Moreover, the process of lower highs and lows remains intact. Both the 20-period and 50-period moving averages are heading downward. In these perspectives, as long as 0.9650 is not surpassed, the risk of a break below 0.9570 remains high. Our next down target is set at 0.9525.
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 0.9570. A break of this target will move the pair further downwards to 0.9525. The pivot point stands at 0.9650. 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 0.9690 and the second target at 0.9715.
Resistance levels: 0.9690, 0.9715, 0.9785
Support levels: 0.9570, 0.9525 , 0.9465
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