The USDCHF currency pair is currently at 0.87229 and does not show a strong inclination towards a bullish movement. This is seen within a pattern where the trend is widening over a period of four days. According to the view of @nehcap, the currency pair is not expected to decline significantly.

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• USD/CHF lacks bullish bias within a trend-widening formation during four-day uptrend.

The pair currently trades last at 0.87229.

The previous day high was 0.873 while the previous day low was 0.8665. The daily 38.2% Fib levels comes at 0.8705, expected to provide support. Similarly, the daily 61.8% fib level is at 0.869, expected to provide support.

USD/CHF remains sidelined near 0.8720 as bulls struggle to keep the reins after a three-day winning streak. In doing so, the Swiss Franc (CHF) pair retreats within a trend-widening formation called “bearish megaphone” heading into Tuesday’s European session.

Apart from the bearish megaphone, the nearly overbought RSI (14) line and the impending bear cross on the MACD also prod the USD/CHF bulls after a three-day uptrend.

It’s worth noting, however, that the 0.8700 round figure and one-week-old horizontal support around 0.8660-55 restrict the short-term downside of the Swiss Franc pair within a trend-widening chart pattern.

Following that, a quick fall towards the 0.8630 and the 0.8600 round figure will be imminent before the bottom line of the megaphone, close to 0.8550-45 challenges the pair sellers.

On the flip side, the stated chart formation’s top line of around 0.8760 challenges the immediate upside of the USD/CHF pair.

Even if the quote defies the trend-widening formation by crossing the 0.8760 hurdle, the 200-SMA and a downward-sloping resistance line from May 31, respectively near 0.8815 and 0.8885, as well as the 0.8900 round figure, challenge the USD/CHF bulls.

If at all the USD/CHF buyers keep the reins past 0.8900, their dominance will knock the 0.9000 psychological magnet.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8716 at the time of writing. Pair opened at 0.8719 and is trading with a change of -0.03% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.8724, 50 SMA 0.8897, 100 SMA @ 0.8964 and 200 SMA @ 0.9179.

The previous day high was 0.873 while the previous day low was 0.8665. The daily 38.2% Fib levels comes at 0.8705, expected to provide support. Similarly, the daily 61.8% fib level is at 0.869, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8679, 0.864, 0.8615
• Pivot resistance is noted at 0.8744, 0.8769, 0.8808

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