USD/CHF is in a downtrend

Today, the USD/CHF pair is trading in the range of 0.8790-0.8820. On the hourly chart, the pair is in a downtrend, trading below the MA (200) H1 moving average line (0.8820), which indicates the predominance of sellers. The price is testing support at 0.8790, the breakdown of which may increase downward pressure with a target of 0.860. The nearest resistance is located at 0.8820, and only consolidation above it can lead to a short-term pullback towards 0.8863. The MACD indicator shows the continuation of the bearish momentum, which confirms the likelihood of a continuation of the downward movement. In case of growth, a retest of the 0.8820 level is possible, but for now the general mood remains bearish.

Resistance levels are: 0.8820, 0.8865, 0.8925

Support levels are: 0.8790, 0.8760, 0.8735

The main scenario for the pair's advance suggests a breakout of the session low of 0.8790 and there may be a decline to 0.8760 (March 10 low) 

An alternative scenario implies a breakout of the resistance 0.8820  (session high, MA (200) H1) and there may be an increase to 0.8865 (March 14 high)