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USD/CHF slips as trendline break shifts focus to 50-day SMA
The pair is below 0.8100, and the next bearish trigger is a move through the 50-day SMA at 0.8042, while bulls need a reclaim of 0.8100 and a break above 0.8150.
FXStreet reports USD/CHF retraced on Tuesday, falling 0.16% as the US dollar weakened on improved risk appetite linked to renewed hopes of a US Israel peace deal to open the Strait of Hormuz.
The article says USD/CHF turned bearish in the short term after falling below a support trendline that connects the lows of June and mid-July, with the next key support at the 50-day Simple Moving Average at 0.8042 as RSI also shifted bearish.
Despite the pullback, FXStreet notes the broader market structure remains constructive, citing successive higher highs and higher lows that suggest the uptrend is still intact.
For USD/CHF to turn bearish, it would need to clear the 50-day SMA and the 0.8000 level, while a continued bullish path would require reclaiming 0.8100 and breaking through 0.8150, followed by levels at 0.8200 and 0.8207.