USD/CHF is expected to trade with bearish bias. The pair remains on the downside capped by the declining 20- and 50-period MAs. Currently, it is challenging the key support at 0.9510, but the risk of a downside breakout of this threshold remains high as the technical indicator RSI is bearish, calling for a further decline. In this case, a break below 0.9510 would trigger a drop towards 0.9475 and even 0.9410 as possible.
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 0.9510. A break of that target will move the pair further downwards to 0.9475. 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 0.670 and the second target at 0.9725.
Resistance levels: 0.9670 0.9725 0.9645
Support levels: 0.9510 0.9475 0.9425
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