USD/CHF is expected to trade in a lower range as the key resistance is at 0.9630. The pair remains under pressure below its nearest horizontal resistance at 0.9630, which should limit the upside potential. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited. In conclusion, as long as 0.9630 holds on the upside, the pair is likely to return to its June 20 low at 0.9570, and then to 0.9545.
Trading recommendation:
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 0.9570. A break below this target will move the pair further downwards to 0.9545. The pivot point stands at 0.9630. 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 0.9660 and the second one at 0.9685.
Resistance levels: 0.9660, 0.9685, 0.9705
Support levels: 0.9570, 0.9545, 0.9500
