- USD/CHF fades bounce off two-week-old support line, keeps 200-HMA breakdown.
- Bullish MACD, immediate trend line breakout keeps buyers hopeful.
USD/CHF lack momentum while taking rounds to 0.8975-80 ahead of Tuesday’s European session.
The major currency pair broke a two-day-old falling trend line on Monday during its bounce off an ascending support line from late May. However, receding bullish bias below the 200-HMA signals another pullback of the quote.
Hence, a confluence of the immediate falling trend line and a bit longer rising support line near 0.8970 regains the USD/CHF sellers’ attention. Though, any further weakness will not hesitate to challenge the monthly low of 0.8970 before testing the bears with the May 25 bottom close to 0.8950.
On the contrary, an upside clearance of 200-HMA level of 0.8995 will have a bumpy road to recovery ahead of refreshing the month’s high near 0.9055.
Following that, the bullish impulse will help USD/CHF bulls to aim for April’s low near 0.9080.
USD/CHF hourly chart
Trend: Sideways
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