USD/CHF is under pressure. The technical picture of USD/CHF is bearish. The pair has broken below its 20-period and 50-period moving averages and accelerated on the downside. The declining 20-period moving average has crossed below the 50-period one and is heading downward. The relative strength index is bearish now, having broken below its 30% level. The US stocks continued moving within the recent trading ranges and ended mixed. The benchmark 10-year US Treasury yield edged down to 1.511% from 1.516% on Wednesday.As long as 0.9925 holds on the upside, look for further drop toward 0.9760. A break below this level may call for further decline toward 0.9735. Only a break above 0.9825 will turn the outlook into positive with upside target at 0.9845 and even 0.9875.

As long as 0.9895 holds on the upside, look for further drop toward 0.9810. A break below this level would call for further decline toward 0.9780. Only a break above 0.9920 would turn the outlook into positive with upper target at 0.9945 and even 0.9975.

Resistance levels: 0.9845, 0.9875, 0.9920

Support levels: 0.9760, 0.9735, 0.9680