USD/CHF is expected to trade with a bullish bias above 1.0070. The pair is consolidating below its 20-period and 50-period moving averages. The relative strength index is around is neutrality level at 50. Nevertheless, 1.0080 is playing a key support role, which should limit the downside potential. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.
The U.S. dollar weakened against the euro and Japanese yen as the Fed minutes were less hawkish than expected and failed to provide a clear sign about the timing of interest rate rises.
As long as 1.0070 is support, look for a further upside toward 1.0140 and even 1.0165 in extension.
Resistance levels: 1.0140, 1.0160, and 1.0195
Support levels: 1.0045, 1.0015, and 0.9975
