USD/CHF is choppy. The pair remains in consolidation below its key horizontal level at 0.9910. The intraday RSI lacks momentum, calling for caution. Besides, the 20- and 50-period intraday MAs are turning flat from a positive slope. In this case, the pair may continue consolidating within the range between 0.9910 and 0.9815 in the coming trading hours. However, as long as the resistance at 0.9910 is not surpassed, the risk of the break below 0.9815 remains high.
Trading recommendations:
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 0.9815. A break of that target will move the pair further downwards to 0.975. The pivot point stands at 0.9910. 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 0.9960 and the second target at 1.00.
Resistance levels: 0.9960 1.000 1.0060
Support levels: 0.9815 0.9755 0.9710
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