- USD/CHF locks modest gains in the early European session.
- Descending trend line acts as defense for bulls.
- Neutral MACD suggests impending downward movement.
The USD/CHF pair failed to extend the previous day’s gain in the early European session. The pair lost momentum after making an intraday high at 0.9145.
At the time of writing, USD/CHF is trading at 0.9135, up 0.08% on the day.
USD/CHF hourly chart
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On the hourly chart, the pair has been looking to extend gains beyond the descending trend line from Wednesday’s high of 0.9164. However, the formation of Doji candles near the downward slope line indicates that upside momentum is receding. If prices sustain below the intraday lows near the 0.9130 area, then it would intensify the selling pressure.
The Moving Average Convergence Divergence (MACD) indicator is placed at the midline with bearish crossover. Moving down, prices would test the 0.9120 and 0.9110 horizontal support zone. Next bears would keep their eyes on 0.9080 (April 30).
On the flip side, if prices break above the downward sloping line, then they will navigate toward the 0.9150 and the 0.9170 horizontal resistance. Finally, market participants would then look out for highs of 0.9215(April 19).
USD/CHF additional levels
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