USD/CHF is expected to trade with bearish bias. The pair remains capped by the declining 50-period MA. Furthermore, the upward potential should be limited by its key resistance at 0.9720. Besides, the intraday RSI is below its neutrality level at 50 and lacks upward momentum. As long as 0.9720 holds as the key resistance, look for choppy price action with down targets at 0.9650 and 0.9625 in extension.
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 0.9650. A break of that target will move the pair further downwards to 0.9625. The pivot point stands at 0.9720. 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 0.9765 and the second target at 0.9795.
Resistance levels: 0.9765 0.9795 0.9825
Support levels: 0.9650 0.9625 0.9545
The material has been provided by InstaForex Company – www.instaforex.com