USD/CHF continues to be under pressure

On the hourly chart, the USD/CHF pair continues to be under pressure, demonstrating a steady downward trend on the hourly chart. The price is steadily trading below the MA (200) H1 moving average, which confirms the predominance of bearish sentiment. Attempts at corrective growth remain limited by resistance around 0.8020, from which the price bounced down several times. The current quote is near the 0.7965 level, while the nearest support is at 0.7960, and its breakdown may open the way for further decline. The MACD indicator is in the negative zone, the histogram shows weak activity, which indicates the absence of reversal signals and the continued potential for decline. The overall picture indicates the dominance of sellers and a high probability of a continuation of the downward movement, provided that pressure remains under key resistance levels.

Resistance levels are: 0.8020, 0.8080, 0.8130

Support levels are:  0.7960, 0.7825, 0.7715

The main scenario for the pair's advance suggests a breakout of the support 0.7960 (June 27 low) and a possible decline to 0.7825 (Sep 5’ 2011 low) 

An alternative scenario implies a breakout of the resistance 0.8020 (June 27 high) and there may be an increase to 0.8080 (June 25 high)