USD/CHF rose slightly above MA (200) H1

There is a prolonged downward trend on the USD/CHF hourly chart today. However, in recent hours, the market has been demonstrating an attempt to reverse — after updating the local low around 0.8040, the price went up sharply and broke through the MA (200) H1 moving average (0.8160), which may indicate the beginning of a short-term upward momentum or correction. The price is currently trading near the 0.820 level and is under the 0.8285 resistance. Consolidation above this level may open the way to the next target — 0.8360. At the same time, a return below 0.8160 may mean the end of the correction and the continuation of the global downtrend. The MACD shows a steady increase in the histogram in the positive zone, but the beginning of a narrowing is observed, which may indicate a slowdown in the current momentum. If the histogram continues to decline, this will increase the likelihood of a downward correction.

Thus, in the short term, there is still potential for growth, provided that it breaks out and strengthens above the nearest resistance, but the overall trend direction remains downward for the time being.

Resistance levels are: 0.8285, 0.8360, 0.8585

Support levels are: 0.8160, 0.8040, 0.7715

The main scenario for the pair's advance assumes a breakout of MA (200) H1 (0.8160) and there may be a decline to 0.8040 (April 22 low) 

An alternative scenario implies a breakout of the session high of 0.8285 and there may be an increase to 0.8360 (April 9 low)