USD/CHF courtesy of ThinkMarkets — TradingView

USD/CHF is trading below the resistance at 0.77900 today, with negative pressure continuing below the moving averages and the RSI indicator falling below the 50 level, which leaves the possibility of a fall towards the support at 0.77476 still present unless the price manages to hold above the resistance.

Here are the details for current technical reading:
The USD/CHF pair is showing clear negative signs after failing to sustain levels above the resistance zone so far, which has kept the price closely watched by sellers. After an attempt to test the 0.77900 level, the pair is still trading below that level as the price moved back below it, which strengthened the relative strength of sellers.

Moving Average: The price is currently below the moving average, which indicates that a negative trend is dominant.

Relative Strength Index (RSI): The indicator is moving in negative territory (below the 50 level) and if it remains below the resistance area, it supports the possibility of continued decline.

Bearish scenario:
Sustained trading and price stability below the 0.77900 level could be a precursor to continued decline towards the target level of 0.77476.

Alternative:
If the price manages to return to the upside and stabilize above 0.77900, it could prompt sideways movement above this level.

Monitoring level (critical level)
• Resistance: 0.77900 – 0.78366
• Support: 0.77476
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