USD/CHF shows signs of corrective growth

On the hourly chart, the USD/CHF pair is showing signs of corrective growth after a prolonged downtrend. The price previously reached a low in the area of 0.7870, from which it pushed up, forming a local bottom. In recent hours, the pair has been trying to gain a foothold above the 0.7970 level, but resistance remains in the 0.7990 area, where the MA (200) H1 descending moving average also passes, acting as a key barrier. As long as the pair remains below MA (200) H1, the prevailing trend remains downward, despite short-term growth attempts.

The MACD indicator shows a positive histogram, but its amplitude is decreasing, which may indicate the fading of the bullish momentum. The moving lines of the indicator are converging, signaling a possible reversal or consolidation near the current levels. In general, the technical picture indicates an attempt to form a base and a short-term upward correction. However, to confirm the reversal, a confident breakdown of MA (200) H1 and consolidation above 0.8020 is required. Until this happens, the risks of a renewed decline remain relevant.

Resistance levels are: 0.7990, 0.8020, 0.8080

Support levels are:  0.7920, 0.7900, 0.7870

The main scenario for the pair's advance suggests a breakout of the support 0.7920 (July 4 low) and a possible decline to 0.7900 (July 3 low) 

An alternative scenario implies a breakout of the resistance 0.7990 (July 3 high) and there may be an increase to 0.8020 (June 27 high)