USD/CHF pares intraday losses around 0.9550 heading into Friday’s European session. In doing so, the Swiss franc (CHF) pair pokes a two-day-old support line by the press time.
That said, the MACD signals keep buyers hopeful but a convergence of the 50-SMA and a downward sloping resistance line from June 17, around 0.9590, restrict short-term advances of the pair.
Even if the quote rises past 0.9590, the 0.9600 threshold and the early June peak surrounding 0.9660 could test the USD/CHF bulls before giving them control. In that case, an area comprising levels marked during early May and mid-June, around 0.9725-30, will be crucial to watch.
On the contrary, a downside break of the immediate support line, close to 0.9550 at the latest, will renew the declines targeting the monthly low of 0.9495.
It’s worth noting, however, that the USD/CHF weakness past 0.9495 could aim for the 61.8% Fibonacci Expansion (FE) of June 17-30 moves, near 0.9470. Also increasing the strength of the 0.9470 support is the April 2021 high.
Overall, the USD/CHF prices are likely to decline further but the bears may have a tough time breaking the 0.9470 support.

Trend: Further weakness expected
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