USD/CHF is expected to trade with bullish bias above 0.9660. The pair stands firmly above its horizontal support at 0.9660, which should limit the downside attempts. In addition, the relative strength index lacks downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. On Friday, U.S. stock indexes gave back a part of gains made in the previous three sessions. Energy shares were weighed down by a 4% plunge in oil prices, while telecom and real estate stocks posted gains. The Dow Jones Industrial Average fell 131 points (-0.7%) to 18,261, the S&P 500 dropped 12 points (-0.6%) to 2,164, and the Nasdaq Composite was down 33 points (-0.6%) to 5,305.

Hence, as long as 0.9660 holds on the downside, we remain positive, and expect a new rise to 0.9745 (Sept 23 top) at first. A break above this level would open the path to further advance towards 0.9775. Alternatively, below 0.9660, the next down targets would be 0.9635 and 0.9605.

Resistance levels: 0.9745, 0.9770, 0.9815

Support levels: 0.9635, 0.9610, 0.9575