USD/CHF is trading near an 8-year low.

The USD/CHF pair is down from 0.8450 to 0.8355 today, having lost almost all the positions gained during yesterday's US trading. The pair is trading near the 8-year low of 0.8330 reached yesterday. On the hourly chart, USD/CHF fell below the moving average MA (200) H1(0.8555) and remains well below the MA (200) H4 (0.8735) on the four-hour chart. Technically speaking, the 0.8330 support level may keep prices from further declines. If this level is passed, the pair could fall towards 0.8300. The upper boundary of 0.8580 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: 0.8450, 0.8555-80, 0.8650

⦁ Support levels are: 0.8330, 0.8300, 0.8200

The main scenario of the pair's advance implies a break of yesterday's low of 0.8330 and may be a decline to the psychological level of 0.8300.

The alternative scenario implies a break of the resistance at 0.8530 (Dec 28 high, session high) and maybe a rise to 0.8555-80 (Dec 26-27 high, MA (200) H1).