USD/CHF slides further below 0.9800 level

The USD/CHF pair accelerated its downslide further below 0.9800 handle and dropped to weekly low to currently trade around 0.9770 region. 

After stalling its four-day winning streak on Tuesday the pair reversed sharply from vicinity of 0.9850 region, just short of retesting the very important 200-day SMA region, on diminishing prospects of an eventual Fed rate-hike during 2016 following an unexpected fall in the US labor productivity for third straight quarter. 

How strong has the move been?

The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish. Currently RSI is at 26.27, up from the last hourly print at 21.86, with ADX at 32.15, down from its previous close at 45.24. Daily RSI sits at 52.55, in neutral territory.

Price levels to be considered

Immediate support can be found at 0.9765 (Daily Low), 0.9759 (Weekly Classic PP), 0.9744 (Hourly 200 SMA) and 0.9735 (Daily 100 SMA). Meanwhile, next resistance can be seen at 0.9787 (Daily 20 SMA), 0.9788 (Daily Classic S2), 0.9790 (Hourly 100 SMA), 0.9800 (Daily Classic S1) and 0.9803 (Hourly 20 EMA).