USD/CHF is under pressure. The pair is trading above its 20-period and 50-period moving averages, while the 20-period moving average is turning up. The relative strength index is above its neutrality level at 50. Nevertheless, 0.9770 represents a significant key resistance level, which should limit the upside potential. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited. The U.S. dollar experienced a selloff for a second day amid political uncertainty. The ICE U.S. Dollar Index dropped 0.3% further to 97.398.
Below 0.9755, look for a further drop toward 0.9660 and even 0.9630 in extension.
Resistance levels: 0.9785, 0.9820, 0.9870
Support levels: 0.9660, 0.9630, 0.9600
