USD/CHF Bullish Outlook Despite Slide Toward 200-Day SMA

The USD/CHF pair continued its pullback for the second straight day, though it remains above the weekly low of 0.7921. The decline is attributed to broad-based US dollar weakness, which is heavily correlated with declining oil prices. Additionally, traders are pricing out expectations of further Federal Reserve rate hikes, weighing on the greenback.

Despite the near-term slide, the outlook remains bullish as the pair holds above key support levels. The 200-day simple moving average (SMA) is seen as a potential pivot zone. A sustained hold above this level could signal renewed upside momentum.