USDCHF Price Analysis: Retreats towards 0.9800 amid failure to cross 50-DMA

• USDCHF remains on the bear’s radar despite bouncing off a five-week low.
• Corrective bounce failed to cross the 50-DMA hurdle, suggesting further downside room.
• Bearish MACD signals, sustained trading below the previous key support also favor sellers.
• Ascending support lines from early August lure bears, 0.9900 adds to the upside filters.

USDCHF fades the previous day’s bounce off a monthly low as it drops back to 0.9845 during the early hours of Thursday. In doing so, the Swiss currency pair remains below the 50-DMA hurdle despite the latest corrective bounce.

Also keeping the pair sellers hopeful are the bearish MACD signals and the quote’ sustained trading below the five-week-old ascending support line, near 0.9900 by the press time.

Even if the USDCHF pair manage to cross the 50-DMA hurdle of 0.9860, as well as the aforementioned support-turned-resistance line, around 0.9900, the sellers aren’t off the table as multiple resistances near 0.9920 and 1.0060 could challenge the pair’s upside moves.

Alternatively, a three-month-old ascending trend line, around 0.9790 by the press time, restricts immediate losses of the AUDUSD pair.

Following that, another support line from early August, near 0.9680, could entertain the bears.

It’s worth noting, however, that the AUDUSD pair’s sustained downside past 0.9680 won’t hesitate to challenge September’s low near 0.9480.

USDCHF: Daily chart

Trend: Further downside expected