USD/CHF Price Analysis: Bears keep reins at monthly low, approach 0.9660 support
- USD/CHF prints six-day downtrend, takes offers around monthly bottom.
- Bearish MACD, downbeat RSI hints at further declines.
- 21-DMA guards immediate upside, sellers eye seven-week-old support line.
USD/CHF remains on the back foot for the sixth consecutive day as sellers attack the 0.9700 threshold heading into Friday’s European session.
In doing so, the Swiss currency (CHF) pair justifies the 21-DMA breakdown by holding lower ground near the monthly low flashed on Thursday.
Given the bearish MACD signals and the RSI (14) pullback from overbought territory, the USD/CHF has a further downside to track, which in turn highlights an ascending support line from March 31, around 0.9660 by the press time.
Should the USD/CHF prices drop below 0.9660, the 50-DMA near 0.9550 can challenge the bears, if not then the 61.8% Fibonacci retracement of March-March upside, close to 0.9525, will act as the last defense for the bulls.
Meanwhile, recovery moves remain elusive below the 21-DMA level surrounding 0.9815.
Following that, the 0.9990 and the latest peak surrounding 1.0065 will gain the market’s attention.
USD/CHF: Daily chart
Trend: Further weakness expected