USD/CHF is under pressure. The pair broke below its 20-period and 50-period moving averages and is consolidated on the downside. The declining 20-period moving average crossed below the 50-period one, which is negative. The relative strength index is below its neutrality level at 50 and lacks upward momentum.
The U.S. dollar turned to the downside in a volatile session as traders found that Trump offered little clarity on economic stimulus plans during his closely watched news conference. The ICE U.S. Dollar Index surged up to 102.95 before the news conference but reversed course and dived to 101.28, its lowest intraday level since December 14, before settling at 101.78, down 0.2% on day.
As long as 1.0160 is resistance, look for a further drop toward 1.0110 and even 1.0090 in extension.
Resistance levels: 1.0180, 1.0200, 1.0220
Support levels: 1.0100, 1.0090, 1.0055
