USD/CHF is expected to trade with a bearish bias. The pair is trading below its intraday 20- and 50-period intraday MAs. The intraday RSI is below its neutrality level at 50. Nevertheless, a support base has formed around 0.9695, which should limit the downside potential. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as 0.9695 is not broken, look for a technical rebound to 0.9740 first. A break below 0.96 would open a downward path toward 0.9545.

Technical comment:

The daily chart is still negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels. Five and 15-day moving averages are declining.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.96. A break of that target will move the pair further downwards to 0.9545. The pivot point stands at 0.9695. 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, a long position is recommended with the first target at 0.9740 and the second target at 0.9770.

Resistance levels: 0.9740 0.9770 0.9810

Support levels: 0.96 0.9545 0.95