USD/CHF is expected to trade with bearish bias. The pair managed to hold below its key resistance at 0.9800, which has been tested for several times to confirm the significance of this level. The 20- and 50-period intraday MAs are turning down, and also play as support roles. Moreover, the intraday RSI is above the neutrality level of 50, and calls for a new bounce. In which case, as long as 0.9800 holds on the downside, the pair is expected to post a new down to challenge 0.9660 (the nearest top) in sight. In case of a breakout, look for 0.9860 in extension.
The daily chart is positive-biased as the MACD and stochastics are bullish.
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 0.9660. A break of that target will move the pair further downwards to 0.9635. The pivot point stands at 0.98. 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 0.9860 and the second target at 0.9940.
Resistance levels: 0.9860 0.9940 0.9995
Support levels: 0.9660 0.9635 0.96
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