USDCHF has moved strongly to the downside after hitting 0.9915 –support turned into resistance- as seen on the provided daily chart.
RSI has reached the oversold levels of 30.00 and that may cause some fluctuation, but we don’t think it will change the strength of the bearish pressures, as moving averages continue to cover the movements from the topside as well.
A break below 0.9780-0.9785 will be another negative indication for short-term bears, while 0.9995 becomes a tough ceiling.