Technical Analysis – USDCHF plunges near rising trend line
USDCHF falls beneath SMAs
Next support at 0.9000
MACD and RSI head south
USDCHF plummets below the 0.9095 barricade and the short-term simple moving averages (SMAs), meeting the medium-term ascending trend line at 0.9070. A successful decline below the diagonal line could open the way for a bearish correction towards the 0.9000 psychological mark and the 200-day SMA, which lies near the 0.8895 support.
The technical oscillators are confirming the bearish move in the market as both are heading south. The MACD is falling beneath its trigger line, while the RSI is strengthening its negative momentum below the neutral threshold of 50.
On the other hand, a rebound off the uptrend line could drive the market back towards the 0.9155 resistance and the seven-month peak of 0.9223. A climb higher could endorse the broader bullish outlook.
All in all, USDCHF is still in positive territory and only a successful drop beneath the 200-day SMA could switch the long-term picture to a bearish one.Related Assets
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