USD/CHF is expected to trade with a bearish bias as key resistance lies at 0.9825. On Thursday, the New Zealand dollar continued to exhibit weakness, plunging 1.1% to 0.7192 against the US dollar. The pair failed to break above the key resistance at 0.9825 and remains weak below the threshold. Meanwhile, the declining 50-period moving average acts as resistance, which should limit upside attempts. In addition, the relative strength index lacks upward momentum. In conclusion, as long as the resistance at 0.9825 is not surpassed, the pair is likely to return to its next support at 0.9760. A break below this level would trigger a drop toward 0.9730.
Resistance levels: 0.9855, 0.9875, 0.9915
Support levels: 0.9760, 0.9735, 0.9700
The material has been provided by InstaForex Company - www.instaforex.com