USD/CHF is expected to trade with a bearish bias as key resistance is set at 1.0215. The pair remains under pressure below its nearest resistance at 0.9645 (Aug 17 top), which should limit the upward potential. The 20-period moving average is turning down and is likely to cross below the 50-period one in sight. Besides, the relative strength index lacks upward momentum.
As long as 1.0215 is not broken, the pair is likely to return to 1.0165. A break below this level would open the way to further weakness toward the next support at 1.0145.
Resistance levels: 1.0240, 1.0260, 1.0285
Support levels: 1.0165, 1.0145, 1.0115
The material has been provided by InstaForex Company - www.instaforex.com