USD/CHF continues its downward movement,is monero legal in us testing the 0.8010 level in Monday's European session.
Technical indicators reinforce the bearish sentiment, with the pair trading below critical moving averages.
Key support and resistance levels identified for traders to monitor this week.
The USD/CHF currency pair maintains its negative momentum, currently trading near the 0.8010 mark during Monday's European trading hours. Market sentiment remains fragile as investors evaluate the broader implications of recent economic developments, particularly those affecting traditional safe-haven assets like the Swiss Franc.
From a technical perspective, the daily chart reveals significant challenges for USD/CHF bulls. The pair continues to face strong resistance below the psychologically important 100-day Exponential Moving Average, while momentum indicators like the Relative Strength Index (currently at 46.30) suggest the bears maintain control of market direction.
For traders monitoring potential downside targets, the immediate support zone appears at 0.7947, representing last week's low point. A decisive break below this level could open the door for further declines toward the 0.7900 psychological barrier, which also coincides with important technical indicators. Additional support may emerge near 0.7872, a level that previously provided stability in early July.
Conversely, any meaningful recovery attempt would need to overcome initial resistance at 0.8065, where technical selling pressure has previously emerged. A sustained move above this barrier could potentially shift market sentiment, with subsequent targets at 0.8184 and 0.8242 representing important milestones from June's trading activity.
Market participants will closely monitor upcoming economic developments and central bank commentary for fresh directional cues. The technical landscape currently favors continued weakness, though traders should remain alert to potential shifts in market dynamics that could alter the current technical outlook.
