USD/CHF is expected to trade with bearish bias. The pair is trading below its 20-period and 50-period moving averages.
The relative strength index is bearish and below its neutrality level at 50. Nevertheless, 1.0295 is playing a key resisance role which should limit the downside potential.
Even though a continuation of consolidation cannot be ruled out, its extent should be limited. The Conference Board posted its Consumer Confidence Index at 113.7 in December, the highest since August 2001, higher than 109.0 expected and 109.4 in November.
Therefore, as long as 1.0295 is resistance, expect a new decline toward 1.0260, if it breaks below, look for a further downside toward 1.0240 is possible.
Resistance levels: 1.0315, 1.0330, 1.0375
Support levels: 1.0260, 1.0240, 1.0210
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