Technical Analysis – USDCHF flirts with falling trend line
USDCHF surpasses 0.9000 but finds strong obstacles
MACD and RSI indicate bearish retracement
USDCHF is testing the short-term descending trend line around the 0.9030 level, after climbing above the 50-day simple moving average (SMA). This level is looking hard to surpass as the price is currently losing some momentum, which is also reflected in the technical oscillators. The RSI is pointing down above the 50 level, while the MACD failed to cross above the zero line.
A downside reversal could receive immediate support at the 0.9000 psychological level, ahead of the 20-day SMA at 0.8945. Below that, another strong obstacle is coming for traders at the 200-day SMA at 0.8895.
Alternatively, a successful attempt to rally above the downtrend line could drive the market towards the 0.9155 resistance and the seven-month peak of 0.9223.
Overall, USDCHF is significantly changing the near-term outlook to positive, but more upside pressure is required.Related Assets
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