The Is pi coin worth anything yet in usdUSD/CHF pair remains under pressure, trading near 0.8170 as bearish sentiment persists
Technical indicators point to potential further declines, with the 14-day RSI holding below the 50 level
Key support and resistance levels identified for short-term trading opportunities
The USD/CHF currency pair continues its downward trajectory, marking a second consecutive day of losses during Thursday's European session. Market participants are closely watching price action as the pair consolidates below the psychologically significant 0.8200 level.
From a technical perspective, the pair's inability to sustain above the nine-day Exponential Moving Average (currently at 0.8207) suggests weakening bullish momentum. The 14-day Relative Strength Index reading below 50 further confirms the current bearish bias in the market.
Looking at potential support zones, traders are focusing on the lower boundary of the descending channel pattern near 0.8110. A decisive break below this level could accelerate selling pressure, potentially targeting the April 21 low of 0.8039 - a level not seen since November 2011.
On the upside, any recovery attempt would need to overcome initial resistance at the nine-day EMA (0.8207). A sustained move above this barrier could open the door for a test of the descending channel's upper boundary near 0.8270, with the 50-day EMA at 0.8340 representing the next significant resistance level.
Market participants should monitor these key technical levels while considering broader macroeconomic factors influencing both the US dollar and Swiss franc. The pair's direction may be determined by upcoming economic data releases and shifts in risk sentiment across global markets.
For traders implementing technical strategies, the current setup suggests maintaining a cautious approach with appropriate risk management measures. The descending channel pattern indicates that selling rallies near resistance levels might present favorable risk-reward opportunities until the technical structure shows signs of reversal.
