USD/CHF is expected to tade with bullish bias above 0.9900. The pair is consolidating and is trading below its 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50. Nevertheless, 0.9915 (Oct 24 bottom) represents a significant key support level, which should limit the downside potential. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.
As long as 0.9900 is not broken, we keep our positive view unchanged with up target at 0.9970 first. A break above this level would call for a further advance toward 1.0000.
Resistance levels: 0.9970, 1.0000, 1.0075
Support levels: 0.9870, 0.9850, 0.9810