USD/CHF demonstrates a recovery attempt

On the hourly chart, the USD/CHF pair shows an attempt to recover from a prolonged downtrend, but remains under the MA (200) H1 moving average, which indicates continued selling pressure. The price has consolidated slightly above the level of 0.7950, but has not yet overcome the key resistance in the area of 0.7995, from where another decline began earlier. The nearest support is located at 0.7920, the breakdown of which may accelerate the downward movement towards 0.79000 and 0.7870. The MACD indicator shows the beginning of a bullish divergence with an increasing histogram, which may indicate a short-term upward correction. Nevertheless, it is premature to talk about a trend reversal before a confident breakdown of the 0.7995 zone and an exit above the MA (200) H1 moving average. In the short term, it is possible to test the resistance with a subsequent attempt to either break up or return to a downward trend.

Resistance levels are: 0.7995, 0.8020, 0.8080

Support levels are:  0.7920, 0.7900, 0.7870

The main scenario for the pair's advance suggests a breakout of the session low of 0.7920 (July 4 low) and a possible decline to 0.7900 (July 3 low) 

An alternative scenario implies a breakout of the resistance 0.7995 (July 8 high) and there may be an increase to 0.8020 (June 27 high)