USD/CHF Bearish outlook remains in play near 0.8000
The USD/CHF pair drifts lower to around 0.8010 during the early European session on Monday. Concerns over the economic impact of higher US tariffs keep investors on edge and boost the Swiss Franc (CHF), a traditional safe-haven currency. Traders will take more cues from the speech from Federal Reserve (Fed) Chair Jerome Powell later on Tuesday.
According to the daily chart, the bearish outlook of USD/CAD remains in play as the pair remains capped below the key 100-day Exponential Moving Average (EMA). The path of least resistance is to the downside, with the 14-day Relative Strength Index standing below the midline near 46.30.
The first downside target for the pair emerges at 0.7947, the low of July 16. Extended losses could see a drop to the crucial support level at 0.7900, the psychological level and the lower limit of the Bollinger Band. The next contention level for USD/CHF is seen at 0.7872, the low of July 1.
On the bright side, the immediate resistance level is located at 0.8065, the upper boundary of the Bollinger Band. Sustained trading above this level could attract some buyers to 0.8184, the high of June 20. Further north, the next hurdle to watch is 0.8242, the high of June 10.
Source: Fxstreet
