The USDCHF pair remains biased to the downside, trading below the 100 and 200-hour moving averages, with resistance at 0.8962, which has held the price down. The recent high at 0.89535 is only marginally higher than the prior high at 0.8953, indicating a lack of bullish momentum. Support levels can be found at 0.8920 and 0.8907, with a break above the 200-hour moving average required to tilt the buyers towards more upside. If the price manages to break above the 200-hour moving average, the 50% midpoint of the move down from last week’s high at 0.8989 and the downward sloping trendline become the next key targets, followed by the high from Wednesday at 0.9002, which is also a natural resistance level.
