USD/CHF Price Forecast: Attempts to reclaim 0.8000 after defending the 100-day SMA
USD/CHF regains ground on Thursday as the US Dollar (USD) stabilises following the previous day’s broad weakness, which pushed the pair below the 0.8000 psychological mark and to its lowest level since June 17, weakening the near-term bullish structure.
On Thursday, the USD/CHF currency pair managed to recover some of its ground after a brief dip below the 0.8000 level. The US Dollar (USD) stabilized following the previous day's weakness, which sent the pair below 0.8000 and to its lowest point since June 17, weakening the near-term bullish structure. At the time of writing, USD/CHF was trading around 0.7998, having bounced from an intraday low of 0.7949.
The pair experienced a loss of 1.83% on Wednesday and had dropped below its 50-day Simple Moving Average (SMA) of 0.8085 for the first time since June 2. However, buyers stepped in after a short dip under the 100-day SMA of 0.7975, aiding the pair in regaining some of its lost ground. USD/CHF remains hovering just below the 0.8000 horizontal barrier, with momentum remaining fragile.
The Relative Strength Index (RSI) stands at 38.2, and the Moving Average Convergence Divergence (MACD) remains below zero, indicating that recovery attempts may face challenges against nearby resistance. The next resistance level is at 0.8000, followed by support-turned-resistance near 0.8050 and the 50-day SMA at 0.8085. Conversely, the immediate support on the downside is the 100-day SMA at 0.7975, with the 200-day SMA at 0.7933 as a potential further decline target. A deeper decline could expose the horizontal floor at 0.7850.
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