USD/CHF is expected to trade in a lower range. The technical picture of the pair is negative as the price broke below the rising trend line since March 17. The downward momentum is further reinforced by the declining 50-period moving average. The relative strength index is bearish, calling for a further downside.
Hence, as long as 0.9970 holds on the upside, look for a new drop to 0.9920 and even to 0.9900 in extension.
Resistance levels: 0.9990, 1.0020, and 1.0045
Support levels: 0.9920, 0.9900, and 0.9865
