USD/CHF is expected to trade in a lower range as it is under pressure. Currently trading at 0.9544, the pair remains weak below its key resistance of 0.9575. The intraday RSI indicator is turning down shifting to bearish. Furthermore, the 20- and 50-period MAs are still heading downward. To sum up, there is no big changes on our intraday technical view: as long as 0.9575 is not surpassed, a decline to 0.9485 and 0.9450 is likely to take place.
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 0.9485. A breakout of that target will move the pair further downwards to 0.9450. The pivot point stands at 0.9575. 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 0.9615 and the second target at 0.9650.
Resistance levels: 0.9615 0.9650 0.9690
Support levels: 0.9485 0.9450 0.94