The currency pair falls over 0.6% after breaking a rising wedge pattern, signaling potential further declines toward 0.8000.
The USD/CHF pair declined more than 0.6% on Wednesday, breaking below the July 14 swing low of 0.8067 and trading near a three-day low at 0.8041. The move follows a technical breakdown of a rising wedge pattern, suggesting weakening bullish momentum.
Prior to the drop, the pair had maintained an upward trend, but the Relative Strength Index (RSI) neared bearish territory at 50.50, indicating a loss of buying pressure. Key support levels include 0.8042 (March 31 high-turned-support) and the psychological 0.8000 mark, with further downside targeting the 50-day and 200-day SMAs at 0.7961 and 0.7918, respectively.
A close below 0.8100 could accelerate selling, while a rebound may face resistance at the August 1, 2025, peak of 0.8171 and the June 4, 2025, high of 0.8250.