USD/CHF is expected to trade with bearish bias as consolidation is in place. The pair remains under pressure below its key resistance at 1.0280. The 50-period moving average is turning down and calls for a new pullback. Besides, the relative strength index lacks upward momentum.
On the economic data front, MBA mortgage applications rose 2.5% in the week ended December 16th comparing to a decline of 4% in the previous week. In other news, existing home sales increased to 5.61M units in November (estimated 5.50M) from 5.57M in the previous month (revised from 5.60M).
To sum up, as long as 1.0280 is not surpassed, the pair is likely decline to 1.0235 and 1.0210 in extension.
Resistance levels: 1.0300, 1.0320, 1.0345
Support levels: 1.0235, 1.0210, 1.0180
The material has been provided by InstaForex Company - www.instaforex.com