The US Dollar faced a solid resistance near the 0.9980 level against the Swiss Franc. The USD/CHF pair started a downside move and broke the 0.9960 and 0.9920 support levels to enter a bearish zone.
There was a break below a major bullish trend line with support at 0.9966 on the hourly chart. Besides, there was a close below the 0.9940 pivot and the 50 hourly simple moving average. The pair traded as low as 0.9916 and later corrected higher.
However, the recovery was capped by the 0.9945 resistance and the 38.2% Fib retracement level of the recent decline from the 0.9989 high to 0.9916 low. The current price action is bearish and it seems like the price may continue to slide below 0.9920 and 0.9915 in the near term. The next stop for sellers could be 0.9900 or 0.9880. Resistances are at 0.9940 and 0.9960.
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