USD/CHF is expected to trade with a bearish bias. The pair is turning down and stays below its key resistance at 0.9685. The descending 20-period moving average has crossed below the 50-period one, which also maintains a negative bias. Meanwhile, the relative strength index is badly directed, lacking upward momentum. As long as 0.9685 is not broken, the first target to the downside is set at 0.9590. A break below this level would open way to further weakness toward 0.9560.
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 0.9590. A break of this target will move the pair further downwards to 0.9560. The pivot point stands at 0.9685. 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 0.9710 and the second target at 0.9740.
Resistance levels: 0.9710, 0.9740, 0.98
Support levels: 0.9590, 0.9560 , 0.95
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