USD/CHF holds lower ground near the intraday bottom of near 0.8965 as it keeps the previous day’s U-turn from a one-week high during early Thursday. In doing so, the Swiss Franc (CHF) pair defends the U-turn from the 50-bar Exponential Moving Average (EMA).
Given the recently diminishing strength of the bullish MACD signals, as well as the quote’s repeated failures to cross the 50-EMA hurdle, the USD/CHF price is likely to decline further.
However, one-week-old horizontal support around 0.8955 restricts the immediate downside of the pair.
Following that, 0.8920 and the 0.8900 round figure may prod the USD/CHF bears before directing them to the multi-month low of around 0.8860 marked in the last week.
Should the quote remains bearish past 0.8860, it becomes vulnerable to visiting the 2021 bottom surrounding 0.8755. Though, the 0.8800 threshold may act as a buffer during the likely fall.
Meanwhile, an upside break of the 50-EMA hurdle of 0.8987 isn’t a blockbuster ticket for the USD/CHF buyers as a 13-day-old descending trend line and a downward-sloping trend line from early March, respectively near 0.8995 and 0.9030, could challenge the upside moves.
Even if the quote rises past 0.9030, the 100-SMA acts as the last defense of the USD/CHF bears before welcoming the bulls with open hands.

Trend: Further downside expected
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