USD/CHF is trading near a 3-month low

There is clearly a downtrend on the chart. Today, the USD/CHF pair is mostly declining from 0.8835 to a new 3-month low of 0.8770. The pair broke through the 0.8855 support, which became the nearest resistance. USD/CHF is confidently trading below the MA (200) H1 moving average line (0.8935), which confirms the predominance of bearish sentiment. The MACD histogram is in the negative zone, confirming the downtrend. The recent upward reversal of the histogram may signal a possible correction. USD/CHF remains under pressure, and a breakdown of the 0.8770 level may strengthen the downward movement with a target of 0.8735. In case of an upward correction, the nearest resistance is at 0.8855. The trend remains bearish, but a short-term correction is possible. To confirm the reversal, you need to monitor the price behavior near key support and resistance levels.

Resistance levels are: 0.8855, 0.8925-35, 0.8970

Support levels are: 0.8770, 0.8735, 0.8700

The main scenario for the pair's advance suggests a breakout of the session low of 0.8770 and a possible decline to 0.8735 (December 6 low) 

An alternative scenario implies an increase to 0.8855 (March 5 low) and then maybe to 0.8925-35 (March 6 low, MA (200) H1)