USD/CHF is expected to trade with a bearish bias as the key resistance is holding at 0.9915. The pair broke below its 20-period and 50-period moving averages, which play resistance roles now, and accelerated on the downside. Meanwhile, the 20-period moving average crossed below the 50-period one, which is negative. The relative strength index is bearish below its neutrality level at 50 and lacks upward momentum. Additionally, 0.9915 represents a significant key resistance level, which should limit the upside potential. As long as this key level is not broken, look for a further drop toward 0.9840 and 0.9815 in extension.
Resistance levels: 0.9950, 0.9980, 1.0020
Support levels: 0.9840, 0.9815, 0.9775
The material has been provided by InstaForex Company - www.instaforex.com