USD/CHF is expected to trade with bearish bias. The key resistance is at 0.9910. Currently trading at 0.9860, the pair remains under pressure below its nearest resistance at 0.9910, and seems likely to post further consolidations. The intraday RSI is mixed to negative, and the 20- and 50-period intraday MAs have already turned downwards. Hence, as long as 0.9910 holds on the upside, expect a new decline to test its nearest support at 0.9815. In case of a breakout, look for 0.9755.
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 0.9815. A break of that target will move the pair further downwards to 0.975. 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 0.9960 and the second target at 1.00.
Resistance levels: 0.9960 1.000 1.0060
Support levels: 0.9815 0.9755 0.9710
