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USD/CHF is under pressure. The pair is bearish below a descending trend line since September 9 and is trading on the downside. The descending 50-period moving average is acting as resistance, which maintains the strong selling pressure. In addition, the relative strength index is below its neutrality area at 50, and lacks upward momentum. Federal Reserve Governor Lael Brainard pointed out that "the case to tighten policy preemptively is less compelling" in view of the current labor market situation. She also said that "today's new normal counsels prudence in the removal of policy accommodation."
Meanwhile, Atlanta Fed Bank President Dennis Lockhart and his Minneapolis counterpart Neel Kashkari also suggested there was no urgency to raise interest rates.
U.S. government bonds showed early weakness with the benchmark 10-year Treasury yield edging down to 1.669% from 1.671% Friday.
To sum up, as long as 0.9760 is not surpassed, look for further downside towards 0.9690 at first; in case of a breakout, look for further decline to 0.9675.
Besides, the relative strength index is still above its neutrality area at 50. Hence, as long as 0.9665 holds on the downside, we are positive and expect a new bounce to 0.9740 and 0.9770 in extension.
Resistance levels: 0.9780, 0.9810, 0.9850
Support levels: 0.9690, 0.9675, 0.9610
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