USD/CHF is turning downwards. The pair bounced off its resistance around 1.0175 and 1.020 and reversed down. The 20-period moving average has crossed above the 50-period one, and both of them play resistance roles. The relative strength index is negative below its neutrality area at 50. In these perspectives, as long as the mark of 1.0200 (our pivot point) is not broken, look for further decline to 0.6520 and 0.6550 in extension. Alternatively, breaches below 0.6470 will likely lead to a decline 0.6430 and 0.6410 as targets.

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 1.0110. A break of that target will move the pair further downwards to 1.0065. The pivot point stands at 1.0200. 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 1.0230 and the second target at 1.0260.

Resistance levels: 1.0230, 1.0260, 1.0295

Support levels: 1.0110, 1.0065,1.0030