USD/CHF Price Analysis: Extends pullback from previous support towards 1.0000

• USD/CHF snaps three-day uptrend, grinds lower of late.
• Lower-high formation, sluggish MACD keep sellers hopeful, 1.0050 is the key hurdle.
• Sellers could aim for 0.9980 before revisiting September’s top.

USD/CHF remains pressured around 1.0030 while printing the first daily loss in four days during Monday’s Asian session.

In doing so, the Swiss currency (CHF) pair retreats from the 1.0050 resistance confluence including an upward-sloping support line and an immediate descending resistance line from Friday, as well as the 50-SMA.

Given the bearish MACD signals, the USD/CHF prices are likely to extend the latest weakness towards the 1.0000 psychological magnet.

However, an immediate horizontal support area around 0.9980 could challenge the pair’s further downside.

In a case where the USD/CHF pair remains weak past 0.9980, September’s peak surrounding 0.9910 could challenge the bears.

Alternatively, recovery moves need a clear break of the 1.0050 hurdle to recall the buyers.

Following that, the monthly high around 1.0075 and the 1.0100 round figure could entertain the bulls before highlighting the year 2019 top surrounding 1.0240.

Overall, USD/CHF is likely to witness further downside but the bullish trend may not be reversed too soon.

USD/CHF: 15-minute chart

Trend: Further weakness expected