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- USD/CHF remains in a downtrend
USD/CHF remains in a downtrend
Today, the USD/CHF pair is mainly growing in the range of 0.8765-0.8800, after falling yesterday to a more than 3-month low of 0.8750. There is a downward trend on the hourly chart, confirmed by the price position below the MA (200) H1 moving average line (0.8810). The price is currently trading at 0.8780 after a local rebound from the 0.8750 support. The nearest resistance is at 0.8820, the breakdown of which may strengthen the upward correction with a possible target in the area of 0.8865. However, the overall direction remains bearish, and with continued selling pressure, a return to the 0.8750 support is possible with further movement to new lows. The MACD indicator shows a weak bullish momentum, indicating a short-term correction within the downtrend.
Resistance levels are: 0.8820, 0.8865, 0.8925
Support levels are: 0.8750, 0.8735, 0.8700
The main scenario for the pair's advance suggests a breakout of the support 0.8750 (March 18 low) and a possible decline to 0.8735 (Dec 6 low)
An alternative scenario implies a breakout of the resistance 0.8820 (March 18 high) and there may be an increase to 0.8865 (March 14 high)
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