USDCHF has been developing within a downward sloping channel since April 1. During the previous four-hour period, the price hit a two-month low at 0.9078 before ticking higher.
The RSI is rising in the negative territory, suggesting an upside correction, while the MACD is still hovering beneath its trigger and zero lines in the near term.
If the price continues to climb higher, immediate resistance could come from the 0.9130 barrier, which stands near the 20-period simple moving average (SMA). More gains could open the door for the 40-period SMA at 0.9146 and the lower surface of the Ichimoku cloud ahead of the 0.9195 obstacle.
Alternatively, if selling interest drives the pair below the two-month trough of 0.9078 and the 0.9070 support, the price could test the 0.9018 and 0.8980 barriers, continuing the negative structure.
Overall, USDCHF is showing some positive signals in the very short-term, however, the broader outlook is strongly bearish.
Origin: XM
