USD/CHF Technical Analysis: Bears likely to target over 1-month old ascending channel support

   •  The pair extended last week’s rejection slide from the 1.0100 handle and dropped to fresh one-week lows in the last hour amid a follow-through USD retracement.

   •  Meanwhile, the attempted intraday bounce failed to sustain above 200-hour SMA and the subsequent slide clearly points to increasing selling pressure at higher levels.

   •  Technical indicators on hourly charts have been gaining negative momentum and suggest a further decline to over one-month-old ascending trend-channel support.

   •  However, oscillators on the daily chart have managed to maintain their bullish bias and support prospects for some dip buying interest near the mentioned support.

   •  Hence, it would be prudent to wait for a convincing break below the channel support before confirming that the pair might have already topped out in the near-term.

USD/CHF 1-hourly chart

Technical levels to watch