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USD/CHF is under pressure as the key resistance stands at 0.9640. The pair failed to break above the horizontal resistance at 0.9640 (June 20 high), and remains weak below the threshold. Besides, the relative strength index is showing downward momentum. To conclude, as long as 0.9640 holds as the key resistance, the pair is likely to return to 0.9560 and then to 0.9545.
Trading recommendation:
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 0.9560. A break below this target will move the pair further downwards to 0.9545. The pivot point stands at 0.9640. 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 0.9660 and the second one at 0.9685.
Resistance levels: 0.9660, 0.9685, 0.9705
Support levels: 0.9560, 0.9545, 0.9500
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