USD/CHF is under pressure. The pair failed to break above its horizontal resistance at 0.9780 on Monday, and it also remains capped by its descending 20-period and 50-period moving averages. Besides, the relative strength index is still negative below its neutrality area at 50, and calls for further downside. To conclude, as long as 0.9745 is not surpassed, look for a new pullback to 0.96350, and then to 0.9590.
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 0.9635. A break of this target will move the pair further downwards to 0.9590. The pivot point stands at 0.9745. 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 0.9780 and the second one at 0.9810.
Resistance levels: 0.9780, 0.9810, 0.9895
Support levels: 0.9635, 0.9590, 0.9535