USD/CHF is expected to trade with a bullish bias above 0.9970. The pair is consolidating and broke below its 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50. Nevertheless, 0.9970 represents a significant key support level, which should limit the downside potential.

On the economic data front, October PPI remained unchanged (vs. +0.3% on month expected) and industrial production was stable (vs. +0.2% on month expected).The U.S. dollar marched higher with the ICE U.S. Dollar Index chalking a session-high of 100.57, the highest intraday level since April 2003, before settling at 100.41, up 0.2% on day. The index has been up for eight consecutive sessions gaining 3.5% in total.

As long as 0.9970 holds as support, look for a further upside toward 1.0065. A break above this level would call for a further advance toward 1.0100.

Resistance levels: 1.0065, 1.0100, 1.0135

Support levels: 0.9940, 0.9900, 0.9830