USD/CHF remains pressured around 0.9580, after declining for the last two weeks, as it fades bounce off the 61.8% Fibonacci retracement level of April-May upside. In doing so, the Swiss currency (CHF) pair eyes to refresh the two-month low during Monday’s initial Asian session.
Not only the failures to rebound but the bearish MACD signals and successful trading below the support-turned-resistance line from late March also keep sellers hopeful.
That said, the 100-EMA level of 0.9560 appears to restrict the short-term USD/CHF downside ahead of the aforementioned key Fibonacci retracement (Fibo.) level near 0.9525.
In a case where the quote drop below 0.9525, March’s high near 0.9460 will be important to watch as a break of which won’t hesitate to direct bears towards refreshing a three-month low, currency around 0.9195.
On the contrary, recovery remains elusive until the quote stays below the confluence of the 21-EMA and the previous support line from March, around 0.9690.
It’s worth noting, however, that the 50% Fibo. near 0.9630 restricts the immediate upside of the USD/CHF pair.
Should the pair rise past 0.9690, the 0.9700 and the 38.2% Fibonacci retracement level around 0.9730 could challenge the upside momentum.

Trend: Further downside expected
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