CHF erases earlier gains, short term trend reversal likely

• Pair is currently trading around 0.9939 levels.
   
• It made intraday high at 0.9940 levels and low around 0.9914 levels.
   
• Intraday bias remains bearish below 1.0078 levels.
   
• Above 1.0078 minor resistance levels will turn bias back to the upside.
   
• Meanwhile, break of 0.9880 support levels will take the parity towards major support levels at 0.9784 low.
   
• Initial resistance levels are seen at 0.9984, 1.0078 and 1.0256 levels.
   
• Major support levels are seen around 0.9878, 0.9784 and 0.9560 levels.

We prefer to take short position in USD/CHF around 0.9975 levels, stop loss at 1.0078 and target at 0.9784 levels.