USD/CHF downtrend persists

On the hourly chart, the USD/CHF pair maintains a downward trend that began after the breakdown of the 0.8080 level. The pair is trading below the MA (200) H1 moving average, which indicates the dominance of the bearish momentum. The last candlesticks indicate an attempt at corrective recovery after falling to a local minimum in the area of 0.7870. At the moment, the price is consolidating around 0.7930, with the nearest resistance in the 0.7945 area. A breakdown of this zone may open the way to the 0.8020 level, but the overall direction remains downward. The MACD indicator has started to recover and is showing divergence, which may indicate a short-term upward pullback, but without a breakdown of key resistances, a trend reversal is unlikely. The support level remains 0.7870, and its breakdown would increase the pressure on the pair with a possible decline to 0.7825.

Resistance levels are: 0.7945, 0.8020, 0.8080

Support levels are:  0.7870, 0.7825, 0.7715

The main scenario for the pair's advance suggests a breakout of the support 0.7870 (July 1 low) and a possible decline to 0.7825 (Sep 5’ 2011 low) 

An alternative scenario implies a breakout of the resistance 0.7945 (June 30 high) and there may be an increase to 0.8020 (June 27 high)