The currency pair slipped below its 100-hour moving average, signaling a potential shift in short-term momentum after a month-long uptrend.
USDCHF reversed course last week, falling below its 100-hour moving average at 0.8103 after peaking at 0.81389. The decline followed a June rally fueled by the FOMC’s June 17 rate decision, which pushed the pair from 0.7909 to its recent highs.
The pair briefly tested its 200-day moving average mid-month before resuming its climb. However, Friday’s drop found support near the rising 200-hour moving average at 0.8071, though sellers re-emerged during today’s Asian session retest of the 100-hour level.
Technical indicators now suggest a neutral short-term bias, with traders awaiting a decisive break above or below key moving averages. A sustained move below the 200-hour average could target the 38.2% retracement at 0.8051, while a rebound may reignite the broader uptrend.