USDCHF - Under pressure

USDCHF (1H) - short term bearish bias

After its drop below 0.9900 the US dollar struggled to rise back to the parity. The latest top under 0.9980 came along with a bearish RSI divergence, an indication that the rally was running out of steam. Successive breaks of 0.9940 and 0.9910 are a confirmation that sellers have taken control of the price action. Diverging moving averages suggest that the downside pressure is mounting and we may expect another round of sell-off into 0.98s.

Key support: 0.9880
Key resistance: 0.9940