Fundamental overview:

USD/CHF is expected to trade lower. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 96.85 versus 96.94 early Monday) on weaker-than-expected Markit US flash services PMI of 57.8 (versus forecast 59.5) in April, while expectations prevailed that the Federal Reserve would remain patient about the interest rate hikes in its statement following a number of disappointing releases on the US new jobs, retail sales, and manufacturing activities. But USD/CHF is limited by the franc sales (on buoyant EUR/CHF cross and negative Swiss interest rates) and the threat of the Swiss National Bank CHF-selling intervention.

Technical comment:
The daily chart still is negative-biased as the MACD and stochastics are in bearish mode.

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 0.9480. A break of that target will move the pair further downwards to 0.9440. The pivot point stands at 0.9620. 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 0.9670 and the second target at 0.9720.

Resistance levels:
0.9670
0.9720
0.9760

Support levels:
0.9480
0.9440
0.94