The USD/CHF currency pair on the hourly time frame has been following a downtrend recently. The pair dipped below the parity level on 19 March and recorded the lowest level of period under study at 0.99855. The price saw a recovery attempt and reached 0.99983 on 20 March but failed to breach the psychological parity level. US dollar weakness played a major role in recent price action in the USD/CHF. As of writing, the price is moving around 0.99950, well below the 200-period moving average with negative MACD, supporting bearish sentiment in price movement.
The hourly chart of the USD/CHF confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
All three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the USD/CHF. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment in the market. Bears are in full control of the market as the price is still below the parity level.
In alternative scenario, key resistance level lies at 1.00525, bulls need to break this level in order to regain confidence.
The hourly chart of the USD/CHF confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
All three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the USD/CHF. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment in the market. Bears are in full control of the market as the price is still below the parity level.
In alternative scenario, key resistance level lies at 1.00525, bulls need to break this level in order to regain confidence.