USD/CHF is trading near 2011 lows

There is a steady downward trend on the USD/CHF hourly chart today. The price was steadily moving downwards, breaking through important support levels - 0.8585, 0.8495, 0.8360 and 0.8260. At the moment, the pair is consolidating around 0.8185 after a recent sharp drop to the lowest value since 2022, 0.8100. The price is well below the MA (200) H1 moving average (0.8495), which is pointing downwards, confirming the predominance of bearish sentiment. The MACD indicator also shows signs of the downward momentum fading: the histogram is shrinking, but remains in the negative zone, which may indicate a possible short-term correction or lateral consolidation. The overall picture remains bearish as long as the price is trading below the 0.8360–0.8495 zone.

Resistance levels are: 0.8260, 0.8360, 0.8495

Support levels are: 0.8100, 0.7715, 0.7080

The main scenario for the pair's advance suggests a breakout of the support 0.8100 (April 11 low) and a possible decline to 0.7715 (Sep 2’ 2011 low) 

An alternative scenario implies a breakout of the resistance 0.8260 (April 11 high) and there may be an increase to 0.8360 (April 9 low)