USD/CHF Slides Below 0.7950, Technicals Hint at Bullish Bias
USD/CHF fell nearly 0.5% to trade around 0.7930 during European hours on Monday. Despite the dip, the daily chart shows the pair remains inside an ascending channel, suggesting the bullish trend may continue.
The USD/CHF pair extended its decline on Monday, slipping below the 0.7950 level and trading near 0.7930 during the European session. The move represents a drop of roughly 0.5% on the day.
From a technical perspective, the daily chart indicates that the pair is still trading within an ascending channel pattern. This formation is typically considered bullish, as it signals higher highs and higher lows over time. The nine-day exponential moving average (EMA) also remains a key level to watch.
Despite the intraday weakness, the broader technical setup continues to point toward potential upside momentum, as long as the price holds within the channel boundaries.
Source: FXStreet Forex News