USD/CHF is expected to trade with a bearish bias as key resistance is seen at 0.9915. Trading at 0.9840, the pair is still moving in a downtrend on an intraday basis. As the process of lower highs and lows remains intact, and the intraday key moving averages are still on the downside. Besides, the relative strength index lacks upward momentum. In these perspectives, as long as 0.9915 is resistance, a decline to 0.9795 (the previous swing low) and 0.9750 is possible.
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 0.9795. A break of that target will move the pair further downwards to 0.9750. The pivot point stands at 0.9915. 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 0.9950 and the second target at 0.9985.
Resistance levels: 0.9950 0.9985 1.0035
Support levels: 0.9795 0.9750 0.97
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