Forex
USD/CHF Breaks Trendline as Bearish Momentum Takes Hold
The USD/CHF currency pair has fallen below a key trendline, turning short-term bearish. This downward momentum is confirmed by the Relative Strength Index (RSI), which also turned bearish.
The next level of support for the USD/CHF is at the 50-day Simple Moving Average (SMA) at 0.8042. If this level is broken, further supports at the 100-day SMA at 0.7957 and the 200-day SMA at 0.7929 will be in play.
However, despite this short-term bearish trend, the overall market structure for USD/CHF remains constructive, with successive higher highs and higher lows indicating an intact uptrend.