USD/CHF remains above MA (200) H1

Today, the hourly chart of USD/CHF shows that after a sharp rise, the price peaked at 0.8475, from where the downward correction began. The pair broke through the 0.8400 level and continued its decline to the 0.8325 support, from which a local rebound attempt began. The current price is around 0.8360, which is below the MA (200) H1 moving average (0.8305), indicating a possible transition to a downward momentum in the short term.

The MACD indicator confirms the weakness of the bulls: the histogram is in the negative zone, and the indicator lines are pointing down, which indicates the predominance of bearish pressure. However, the decline is slowing down, which may indicate the formation of temporary consolidation or an upward pullback.

If the pair manages to gain a foothold above the 0.8400 level, this may give a chance to resume growth with targets in the 0.8475 area. Otherwise, a breakdown of the 0.8325 support and the 200-period average will open the way to the 0.8270 level. So far, the dynamics remains bearish, but a short-term pullback is possible before continuing the decline.

Resistance levels are:  0.8400, 0.8475, 0.8585

Support levels are: 0.8325, 0.8270, 0.8185

The main scenario for the pair's advance suggests a breakout of the session high of 0.8400 and there may be an increase to 0.8475 (May 12 high).

An alternative scenario implies a breakout of the session low of 0.8325 and MA (200) H1 (0.8305) and there may be a decline to 0.8270 (May 9 low)