USD/CHF is trading below multi-year lows.

The USD/CHF pair is trading in the 0.8540-80 range today, having fallen to a new multi-year low of 0.8515 on Friday. The pair broke the 0.8590 support, which was the nearest resistance. On the hourly chart, USD/CHF fell below the H1 (200) MA (0.8640) moving average and remains well below the H4 (200) MA (0.8785) on the four-hour chart. Technically speaking, the 0.8500 support level may keep prices from further declines. If this level is passed, the pair could fall to 0.8400. The upper boundary of 0.8650 represents a strong resistance level.

It should be noted that the 14-day relative strength index (RSI (14) on D1), is below the level of 30, which signals a possible change in the direction of price movement.

⦁ Resistance levels are: 0.8590, 0.8640-50, 0.8710-30

⦁ Support levels are: 0.8515, 0.8500, 0.8400

The main scenario for the pair implies a break of support at 0.8515 (Dec 22 low) and may be a decline to the psychological level of 0.8500.

The alternative scenario implies a break of resistance at 0.8590 (Dec 19 low) and may be a rise to 0.8640-50 (Dec 20 high, MA (200) H1).