USD/CHF is expected to prevail its downside movement. The pair is trading below its 20-period moving average and the 50-period one, which are playing resistance roles. Besides, the negative outlook is further reinforced as the pair is trading below the bearish trend line which emerged since December 28. The relative strength index is below its neutrality level at 50 and lacks upward momentum.
Hence, as long as 1.0220 holds on the upside, look for a further drop toward 1.0165. A break below this level would call for a further drop toward 1.0125.
Resistance levels: 1.0245, 1.0260, 1.0300
Support levels: 1.0165, 1.0125, 1.01
The material has been provided by InstaForex Company - www.instaforex.com