USD/CHF well supported above 0.96 marks, more downside likely

Pair is currently trading around 0.9719 levels and remains well supported below 0.9750 marks.

• It made intraday high at 0.9741 levels and low around 0.9703 levels.
   
• Intraday bias in USD/CHF remains on the downside at this point.
   
• Above 1.0078 major resistance levels will turn bias back to the upside.
   
• A daily close below 0.9656 levels targets the next key support at 0.9475 key levels.
   
• Initial resistance levels are seen at 0.9835, 0.9943 and 1.0068 levels.
   
• Major support levels are seen around 0.9656, 0.9585 and 0.9475 levels.

We prefer to take short position in USD/CHF around 0.9730 levels, stop loss at 0.9875 and target at 0.9611 levels.