USD/CHF is expected to trade with bearish bias. The pair rebounded yesterday, but is still below its key resistance at 0.9910. The intraday technical indicators are mixed and call for caution. A new test of 0.9795 is most likely to occur in the coming trading hours. Only a breakout of this threshold would open the path to 0.9795 and 0.9750.
Trading recommendations:
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 0.9795. A break of that target will move the pair further downwards to 0.9750. The pivot point stands at 0.9910. 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 0.9950 and the second target at 0.9990.
Resistance levels: 0.9950 0.9990 1.0020
Support levels: 0.9795 0.9750 0.97
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