USD/CHF Price Analysis: Poised for further downside towards 0.8900
|- USD/CHF remains on the back foot for sixth day.
- Sustained trading below 200-HMA, bearish MACD favor sellers.
- Weekly support line can test sellers before February lows.
USD/CHF stays pressured around 0.8940 amid early Friday. In doing so, the Swiss currency (CHF) pair keeps trading under the 200-HMA while fading Wednesday’s bounce off February 17 low.
Given the bearish MACD and an extended downward trajectory favoring the sellers, USD/CHF is likely to re-test the 0.8900 threshold during the further weakness.
However, any further downside will be challenged by the weekly support line around 0.8895 before directing the bears towards February’s monthly low near 0.8870.
Meanwhile, an upside clearance of 200-HMA, near 0.8982 needs validation from the 0.9000 psychological magnet to challenge the monthly peak near 0.9055.
It’s worth noting that the uptrend isn’t likely to be confirmed unless the quote crosses the mid-March low near 0.9215.
USD/CHF hourly chart
Trend: Bearish
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