USD/CHF is expected to trade with a bearish bias. The pair failed to break above the resistance at 0.9975 before starting its downward path. While being capped by the descending 20-period moving average, which stands below the 50-period one, it is testing the first downside target at 0.9785 . Below this level, the next support would be found at 0.9785.
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 0.9785. A break of that target will move the pair further downwards to 1.0035. The pivot point stands at 0.9900. 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 0.9975 and the second target at 1.0035.
Resistance levels: 0.9975, 1.0035, 1.0070
Support levels: 0.9785, 0.9730, 0.97