USD/CHF is rising, but remains below MA (200) H1

On the hourly chart, the USD/CHF pair is showing recovery after a sharp downward momentum, reaching a local low around 0.8035. The hourly chart shows that after the breakdown of the 0.8080 support level, the price accelerated its decline and only this morning began to form a short-term recovery. The MACD indicator has begun to reduce the bearish divergence, which may indicate an attempt to form a local bottom. However, the price remains below the MA (200) H1 moving average and key resistance levels of 0.8080 and 0.8130, which indicates the continued dominance of sellers in the medium term. The 0.8080 level is the nearest resistance, and only its confident upward breakout can strengthen the bullish momentum with a target of 0.8130. Support is still at 0.8035, and its breakdown may open the way to new lows. The overall picture remains bearish, despite the current correction.

Resistance levels are: 0.8080, 0.8130, 0.8195

Support levels are: 0.8035, 0.7825, 0.7715

The main scenario for the pair's advance suggests a breakout of the 0.8034 support (June 24 low) and a possible decline to 0.7825 (Sep 5’ 2011 low). 

An alternative scenario implies a breakout of the session high of 0.8080 and there may be an increase to 0.8130 (June 24 high)