USD/CHF is expected to trade with a bearish bias. The pair remains under pressure below its key resistance at 0.9650 on an intraday basis. The process of lower highs and lows should confirm a negative trend. Furthermore, the intraday RSI has struck against its neutrality area of 50, while the trending indicators such as the 20-period and 50-period MAs are negatively oriented. In these perspectives, further decline seems to be on the cards with targets at 0.9550 and 0.9520.
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 0.9550. A breakout of that target will move the pair further downwards to 0.9520. 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 0.9730.
Resistance levels: 0.9690 0.9730 0.9765
Support levels: 0.9550 0.9520 0.9475