In view of Karen Jones, analyst at Commerzbank, USD/CHF's outlook is negative and the immediate downside bias is maintained by the .9745 accelerated downtrend.

"Below .9647 targets the September 2018 low at .9543. We have the .9623 23.6% retracement from the 2015 low also here. Slightly longer term we look for a fall back to the 2018 low at .9188, this is also the 38.2% retracement of the same move from 2015. While rallies are capped by the lows seen in September and October 2019 at .9841/44, the market will remain immediately offered. A rise above the .9844 resistance would suggest recovery to the .9707/22 band of resistance, which if seen we would again look to cap."