USD/CHF is expected to trade with a bearish bias. The pair ended last Friday's choppy session on the downside. It has remained under pressure since losing the psychological level of 0.9985. The 20-period moving average continues to stay below the 50-period one. The persistent bearish bias could bring the pair to the first downside target at 0.9875 (around last Friday's low) and to 0.9840 in extension.
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 0.9870. A break of that target will move the pair further downwards to 0.9840. The pivot point stands at 0.9985. 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 1.0035 and the second target at 1.0070.
Resistance levels: 1.0035, 1.0070, 1.0150
Support levels: 0.9875, 0.9840, 0.9795