USD/CHF is under pressure and expected to develop its downside movement. The pair remains on the downside, capped by its falling 50-period moving average. Meanwhile, a bearish cross has been identified between the 20-period and 50-period moving averages (a negative signal). Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited. Hence, as long as 0.9755 holds as the key resistance, the pair is likely to return to 0.9690 and 0.9655 in extension. Alternatively, only a break above 0.9755 would call for a new rise to 0.9775 and 0.9800 as targets.
Resistance levels: 0.9775, 0.9800, 0.9840
Support levels: 0.9690, 0.9655, 0.94