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USD/CHF prints the first daily loss in three, seesaws near intraday low of late.
Bearish MACD signals, U-turn from fortnight-old resistance line favors Swiss Franc sellers.
RSI conditions suggest bottom-picking from weekly support line.
USD/CHF holds lower ground near the intraday bottom of around 0.8955 during the first loss-making day in three amid early Monday. In doing so, the major currency pair justifies hawkish remarks from Swiss National Bank (SNB) Chairman Thomas Jordan, as well as the broad cautious optimism in the market.
That said, “SNB’s recent interest rate hike was ‘very likely not quite’ enough to get a grip on inflation in Switzerland,” said SNB’s Jordan in an interview aired by Swiss broadcaster SRF on Saturday, per Reuters.
Also read: Weekend News: Russia, China and SNB’s Jordan were in focus
With this, the Swiss Franc (CHF) pair extends the previous day’s U-turn from a two-week-old descending resistance line, around 0.9010 by the press time.
Additionally favoring the USD/CHF bears is the quote’s downside past the 200-Hour Moving Average (HMA), close to 0.8970, as well as the bearish MACD signals.
With this, the USD/CHF pair is likely declining towards a one-week-old rising support line surrounding 0.8930.
However, the monthly low of near the 0.8900 round figure will join the below-50.0 levels of the RSI (14) to challenge the bears afterward.
Meanwhile, a clear upside break of the aforementioned resistance line close to 0.9010, can direct the USD/CHF bulls to aim for the 0.9100 round figure before targeting the monthly top surrounding 0.9120.
Trend: Further downside expected
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