USD/CHF is expected to trade in lower range as the key resistance lies at 0.9690. The pair has confirmed its bearish trend after the recent downside breakout of the previous support at 0.9690 (Sept 28 bottom), which now acts as a resistance. The downward momentum is further reinforced by its descending 50-period moving average which should continue to push the prices lower. Besides, the relative strength index lacks upward momentum.
Hence, as long as the resistance at 0.9690 is not surpassed, the pair is likely to drop to 0.9635 (Sept 29 bottom) at first, and even to 0.9605 in extension.
Resistance levels: 0.9730, 0.9750, 0.9775
Support levels: 0.9660, 0.9635, 0.9610
