USD/CHF dropped to 2011 lows

There is a steady downward trend on the USD/CHF hourly chart today. The price has been steadily declining since the beginning of April, breaking through key support levels. The long-term moving average MA (200) H1 (0.8570) is significantly higher than the current price, which confirms the predominance of bearish sentiment in the market. The last impulse drop is particularly strong, and the price is currently consolidating around 0.8160 after reaching the 2011 low of 0.8110. The MACD indicator confirms the dominance of sellers: the histogram is in the negative zone, the indicator lines show no signs of reversal, although the last columns of the histogram have begun to shrink slightly, which may indicate a short-term weakening of the downward momentum or the beginning of a correction. The nearest resistance is around 0.8260, and its breakdown may lead to a deeper upward correction. However, the main direction remains down, and the 0.8110 support level remains key. In case of its breakdown, a further decline is possible. The overall picture indicates a continuation of the downtrend, while the current consolidation may be a pause before a new downward movement or an attempt to roll back to higher levels before continuing to fall.

Resistance levels are: 0.8260, 0.8360, 0.8590

Support levels are: 0.8110, 0.7715, 0.7080

The main scenario for the pair's advance suggests a breakout of the session low of 0.8110 and a possible decline to 0.7715 (Sep 2’ 2011 low) 

An alternative scenario implies a breakout of the session high of 0.8260 and there may be an increase to 0.8360 (April 9 low)