USDCHF stands at the back foot and pressures key supports

The pair remains in red on Wednesday but holds above Tuesday’s low at 0.9850, when strong bearish acceleration cracked key supports at 0.9881 (top of weekly cloud) and 0.9856 (Fibo 38.2% of 0.9534/1.0056 upleg) but failed to clearly break lower.
Political crisis in Italy triggered risk aversion which boosted safe-haven Swiss franc.
Bearish setup of 10/20SMA’s and weak momentum maintain pressure for renewed probe through 0.9881/56 pivots, with firm break lower to generate strong bearish signal for extension of pullback from 1.0056 peak.
Bears can extend towards next key supports at 0.9725 (Fibo 38.2% of 0.9190/1.0056 ascend) and 0.9700 (top of rising daily cloud).
Falling 10SMA (0.9939) caps today’s action and marks strong barrier which should continue to limit and keep bears in play.
SNB chief Jordan’s speech, due later today is also in focus.

Res: 0.9939; 0.9957; 0.9976; 1.0000
Sup: 0.9881; 0.9850; 0.9795; 0.9763