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- USD/CHF is trading just below MA (200) H1
USD/CHF is trading just below MA (200) H1
On the hourly chart, the USD/CHF pair is just below the MA (200) H1 moving average, which indicates the possible beginning of a downward trend after recent growth. Previously, the price was trading above the moving average, which indicated an uptrend, but the recent pullback and downward breakout indicate a change in sentiment.
The MACD indicator shows red histograms below the zero line, and its lines have crossed and are directed downward, which confirms the current downward momentum in a short time interval. If the price continues to move down and consolidate below the current support levels, the downtrend is likely to intensify. In case of a rebound from the current levels and a return above the moving average, a return to an upward movement is possible. The current situation indicates the formation of a downward movement after the previous growth.
Resistance levels are: 0.7990, 0.8020, 0.8060-80
Support levels are: 0.7955, 0.7920, 0.7900
The main scenario for the pair's progress is a breakout of the 0.7955 support (July 11-15 low) and a possible decline to 0.7920 (July 10 low)
An alternative scenario implies an increase to the session high of 0.7990 and then, perhaps, to 0.8020 (July 21 high)
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