USD/CHF is expected to hit the target at 0.9690. The pair accelerated to the downside yesterday and reached a low of 0.9691 (last seen in October). Though it managed to initiate a rebound from the low, the rebound has lost momentum and the first downside target at 0.9690 is in sight again. Below this level, the next support would be found at 0.9620. Intraday technical indicators (20-, 50-period moving average, the relative strength index) point to a continued bearish bias.
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 0.9690. A break of that target will move the pair further downwards to 0.9620. The pivot point stands at 0.9815. 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 0.9880 and the second target at 0.9975.
Resistance levels: 0.9880, 0.9975, 1.0035
Support levels: 0.9690, 0.9620, 0.9560