USD/CHF remains below MA (200) H1

Today, on the hourly chart, the USD/CHF pair is showing a steady downward trend that began on April 10, as a result of which the price decreased from an area above 0.8580 to a minimum around 0.8040. After testing the support at 0.8040, the price bounced up and is currently trading around 0.8120. This may indicate an attempt at correction after a prolonged decline. Nevertheless, the MA (200) H1 moving average (0.8175) is confidently pointing down and is well above the current price, which confirms the dominance of bearish sentiment in the medium term. The MACD indicator shows a gradual recovery: the histogram has moved out of the negative zone and shows an upward movement, indicating the presence of a short-term bullish momentum. However, as long as the price remains below the moving average, the current movement should be considered as corrective within the overall downtrend.

Resistance levels are: 0.8175, 0.8270, 0.8360

Support levels are: 0.8040, 0.7715, 0.7080

The main scenario for the pair's advance suggests a breakout of the support 0.8040 (April 21 low) and a possible decline to 0.7715 (Sept 2’ 2011 low) 

An alternative scenario implies a breakout of MA (200) H1 (0.8175) and there may be an increase to 0.8270 (April 14 high)