USD/CHF is expected to trade in a lower range. After the recent downside breakout of 0.9915, the USD/CHF pair remains under pressure and seems likely to post a further decline. The previous key support is now playing a resistance role, and should limit any upside room. Furthermore, the relative strength index is still below its neutrality area at 50. In conclusion, as long as the resistance at 0.9915 is not surpassed, the risk of the break below 0.9855 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 0.9855. A break of that target will move the pair further downwards to 0.9830. 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 0.9940 and the second target at 0.9970.
Resistance levels: 0.9940 0.9970 0.9990
Support levels: 0.9855 0.9830 0.9795
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