• USDCHF tumbles below rising line

• MACD and RSI keeps downside move

USDCHF is retreating beneath the ascending trend line, meeting the 0.9000 psychological level. The 20- and 50-day simple moving averages (SMAs) are posting a bearish crossover, indicating a downside correction in the short-term timeframe.

Technically, the MACD oscillator is heading south, beneath its trigger and zero lines, while the RSI indicator is falling beneath the neutral threshold of 50.

If price action remains above 0.9000 (immediate support), there is scope to re-test the 0.9155 resistance level. Clearing this key level would see additional gains towards the seven-month high of 0.9223. This is considered to be a strong resistance area which has been rejected in the previous month.

If 0.9000 support fails, then the focus would shift to the downside towards the 200-day SMA at 0.8895. If this level is breached, it would increase downside pressure and bring about a reversal of the trend. From here, USDCHF would be on the path towards the 0.8740 low.

Overall, USDCHF has been neutral since peaking at 0.9223. Near-term weakness is expected to remain in place as long as price action takes place beneath the uptrend line.