USD/CHF is expected to follow a downside movement. The pair is trading below its key resistance at 0.9775 which maintains the strong selling pressure. Meanwhile, both 20-period and 50-period moving averages are heading downward, and are acting as resistance. Besides, the relative strength index has broken down its 30 level without showing any reversal signal. The U.S. Federal Open Market Committee pointed out in its policy statement, "the Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives."
Hence, as long as 0.9775 is resistance, the intraday outlook remains bearish with a down target at 0.9705, if breakout, look for further decline to 0.9680 as likely.
Resistance levels: 0.9815, 0.9840, 0.9865
Support levels: 0.9680, 0.9660, 0.9620
The material has been provided by InstaForex Company - www.instaforex.com