USD/CHF is expected to trade in a lower range. The pair remains capped by an intraday negative trend line that is in place since December 7. Both the 20-period and 50-period simple moving averages are heading downwards and it should confirm a bearish trend. Besides, the relative strength index has broken down its 30 level. So, as long as 0.9915 is not surpassed, a decline to 0.9815 and 0.9750 in extension is likely to take place.

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 0.9815. A break of that target will move the pair further downwards to 0.9750. The pivot point stands at 0.9915. 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 0.9950 and the second target at 0.9985.

Resistance levels: 0.9950 0.9985 1.0035

Support levels: 0.9815 0.9750 0.97