USD/CHF downtrend persists

On the hourly chart, the USD/CHF pair maintains a pronounced downward trend, as evidenced by the movement below the MA (200) H1 moving average, which is steadily directed downwards and passes around the 0.8020 mark. After a long decline, the price found support near the level of 0.7870, from which there was a recovery, but growth attempts are limited to the resistance zone of 0.7945. The MACD indicator shows signs of a weak recovery: the histogram hovers near the zero line with small green bars, which indicates the absence of a strong momentum in both directions. The overall technical picture remains bearish, and sellers remain dominant as long as the quotes are below the moving average and the 0.7945 level. In case of a breakdown of the 0.7870 support, the downward movement may continue.

Resistance levels are: 0.7945, 0.8020, 0.8080

Support levels are:  0.7870, 0.7825, 0.7715

The main scenario for the pair's advance suggests a breakout of the support 0.7870 (July 1 low) and a possible decline to 0.7825 (Sep 5’ 2011 low) 

An alternative scenario implies a breakout of the resistance 0.7945 (July 1 high) and there may be an increase to 0.8020 (June 27 high)