The currency pair declines amid broader US Dollar weakness after Middle East tensions de-escalate following a US-Iran peace agreement.
USD/CHF fell 0.34% to 0.7943 on Monday as most G8 currencies strengthened against the US Dollar. The retreat follows easing Middle East tensions after the US and Iran reached a peace deal, reducing safe-haven demand for the greenback.
The pair remains within an inverted head-and-shoulders pattern, with buyers defending the 200-day simple moving average at 0.7906. The Relative Strength Index stays above 50, signaling potential upside, though momentum has softened. Resistance is seen at 0.8000, with further targets at 0.8018 and 0.8042.
Support levels include the 200-day SMA at 0.7906, followed by 0.7900 and the 50- and 100-day SMAs at 0.7864 and 0.7835, respectively.