USD/CHF is under pressure. The technical picture of USD/CHF is bearish. The pair broke below its 20-period and 50-period moving averages and accelerated on the downside. The declining 20-period moving average crossed below the 50-period one and is heading downwards. The relative strength index is bearish and broke below its 30% level.U.S. government bonds strengthened pressing the benchmark 10-year Treasury yield to 1.516% from 1.561% on Tuesday. Gold jumped 1.5% to $1,339 an ounce and silver soared 3.7% to $20.34 an ounce. Nymex crude oil steepened its downtrend by dropping another 2.3% to $41.92 a barrel.

On the forex front, the Fed's rather hawkish statement did not help the U.S. dollar much as the currency weakened against other major currencies. EUR/USD rose 0.6% to 1.1055 and GBP/USD was up 0.7% to 1.3220.

As long as 0.9895 holds on the upside, look for further drop toward 0.9810. A break below this level would call for further decline toward 0.9780. Only a break above 0.9920 would turn the outlook to positive with upper target at 0.9945 and even 0.9975.

Resistance levels: 0.9920, 0.9945, 0.9975

Support levels: 0.9810, 0.9780, 0.9815