USD/CHF is expected to trade mainly with a downward bias. The pair recorded a succession of lower tops and lower bottoms since August 17, which confirms a bearish outlook. Both the descending 20-period and 50-period moving averages are playing resistance roles, which should limit the upside attempts. The relative strength index is below its neutrality area at 50. U.S. government bonds prices rose as the benchmark 10-year U.S. Treasury yield eased further to 1.536% from 1.558% Wednesday. Gold stepped 0.3% higher to $1,351 an ounce extending its winning streak to a fourth session, and silver gained 0.4% to $19.73 an ounce.
On the forex front, the U.S. dollar's downfall accelerated as the outlook for further interest rate increases remains uncertain.
Until 0.9595 is not surpassed, the pair is likely to drop toward 0.9530 and even 0.9500 in extension.
Resistance levels: 0.9645, 0.9680, 0.9705
Support levels: 0.9535, 0.9500, 0.9475
The material has been provided by InstaForex Company - www.instaforex.com