USD/CHF is expected to trade in a lower range as the bias remains bearish. The pair is trading below its 20-period and 50-period moving averages. The relative strength index is below its neutrality area at 50 and lacks upward momentum. Nevertheless, strong resistance base at 0.9845 has formed and should limit the upward attempts. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as 0.9845 is not broken on the upside, a downward movement is expected with the horizontal resistance at 0.9845 (previous high). A break below the level 0.9720 would open the way to a further downside toward the next level at 0.9690.
Resistance levels: 0.9875, 0.9905, 0.9985
Support levels: 0.9720, 0.9690, 0.9670
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