USD/CHF Price Forecast: Breakdown below 0.7800 extends downtrend
The USD/CHF pair tests a key support on Monday at a trendline after clearing the 50-day Simple Moving Average (SMA) at 0.7828, which exacerbated the breach of 0.7800 and is now testing last week’s lows of 0.7775. At the time of writing, the pair is down 0.37%, poised to extend its losses on a breach of key support at 0.7747.
USD/CHF Price Forecast: Technical outlook
The technical picture shows the USD/CHF downtrend remains intact, with sellers gathering momentum as depicted in the Relative Strength Index (RSI). The RSI is aiming lower, clearing the last trough of 39. That said, the last line of demand threatened by sellers at 0.7775 might be at risk of getting cleared, clearing the path towards the March 10 low of 0.7747. On further weakness, the next area of interest would be the March 2 low of 0.7668.
Conversely, for a recovery, bulls must clear 0.7800 and also the 50-day SMA. Once those two areas are taken down, the next key resistance would be the 100-day SMA at 0.7868, ahead of the 20-day SMA at 0.7906.
USD/CHF Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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