USD/CHF is under pressure. Although the pair posted a rebound from 0.9915 (the low of April 25), it is still trading below the declining 50-period moving average, which plays a resistance role and maintains the downside bias. The relative strength index is mixed to bearish.
To sum up, as long as 0.9955 holds on the upside, look for a return to 0.9890. A break below this level would trigger a new drop to 0.9870.
Resistance levels: 0.9975, 1.000, and 1.0025
Support levels: 0.9890, 0.9870, and 0.9820
