The pair fell back below key technical levels after failing to sustain a breakout above its 200-day moving average.
USDCHF retreated sharply after a failed attempt to hold above its 200-day moving average at 0.79066, reversing yesterday’s brief breakout. The pair had surged past the level for the first time since April 8 but lacked follow-through, with sellers regaining control today.
Earlier, buyers defended the 50% retracement level at 0.79014, sparking a short-lived rebound. However, selling pressure intensified, pushing the pair below the 200-day moving average, the 50% midpoint, and a key trendline near 0.7892. The session low reached 0.7869, nearing critical support at the 100-hour (0.7866) and 200-hour (0.7858) moving averages.
A break below these levels could signal further downside, though buyers previously defended this zone on Tuesday before yesterday’s rally.