USD/CHF is expected to trade with a bullish bias. It is supported positive sentiment towards the US dollar (ICE spot dollar index last 96.80 versus 96.01 early Monday) as reduced risk of "Grexit" opens a way for the Federal Reserve to begin raising the key interest rates; demand from Japanese importers; ultra-loose Bank of Japan's monetary policy, and the threat of Swiss National Bank CHF-selling intervention in addition to negative Swiss interest rates.

Technical comment:

The daily chart is positive-biased as the MACD is bullish, stochastics stay elevated at overbought levels.

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 0.9415. A break of that target will move the pair further downwards to 0.365. The pivot point stands at 0.9530. 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 mo ve further to the upside. According to that scenario, long positions are recommended with the first target at 0.96 and the second target at 0.9635.

Resistance levels: 0.96 0.9635 0.97

Support levels: 0.9415 0.9365 0.9320