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- USD/CHF declines and tests MA (200) H1
USD/CHF declines and tests MA (200) H1
Today, the USD/CHF hourly chart shows an attempt to reverse the upward correction formed after a long downward trend in the first half of April. After reaching a local maximum around 0.8340, the price began to decline and has currently broken through the moving average of MA (200) H1 downwards, which is an alarming signal for the bulls. The breakdown was accompanied by a sharp downward momentum, which may indicate increased selling pressure. The MACD indicator confirms the decline, as the histogram has dropped below zero and reinforces the negative dynamics. The overall technical picture is shifting towards a bearish scenario, especially if the price continues to stay below MA (200) H1 and consolidates below the current support levels.
Resistance levels are: 0.8340, 0.8455, 0.8585
Support levels are: 0.8190, 0.8115, 0.8040
The main scenario for the pair's advance suggests a breakout of the support 0.8190 (April 28 low) and a possible decline to 0.8115 (April 16 low)
An alternative scenario implies an increase to 0.8340 (April 25 and May 1 high) and then, maybe, to 0.8455 (April 7 low)
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