USD/CHF drops to 1.0205 and rebounds

USD/CHF broke below 1.0220 and fell to 1.0206, hitting the lowest level since December 15. From the lows rebounded and it was trading around 1.0230. 

The pair is falling on Thursday on the back of a decline of the US dollar across the board. The US dollar index declined to 102.60, the weakest in a week. Overall, price action remains limited in the market, moving in a holiday mode. 

USD/CHF outlook

The pair so far has been unable to consolidate below the 1.0220 support area and remains within a range, with a slightly bearish bias. A consolidation under 1.0220 would expose 1.0200; below here support levels might be seen at 1.0190 (Nov 24 high) and 1.0150 (Dec 09 low). 

To the upside, resistance levels could be located at 1.0240/45 (Dec 23 low), 1.0265 (Dec 28 low) and 1.0295/1.0300 (Dec 27 high/psychological).