• USD/CHF fades bounce off monthly low, sidelined of late.
• Bearish MACD signals, clear downside break of previous support keeps sellers hopeful.
• One-month-old horizontal area, 21-DMA adds to the upside filters.

USD/CHF struggles to defend the previous day’s bounce off a one-month low, floating around 0.9615 during Thursday’s quiet Asian session after snapping a two-day downtrend the previous day.

The Swiss currency (CHF) pair’s inability to cross the 50% Fibonacci retracement (Fibo.) level of March-May upside, around 0.9630, joins bearish MACD signals to challenge short-term buyers.

Also keeping the bears hopeful is the existence of the support-turned-resistance line from March 31 and a monthly horizontal area, respectively near 0.9665 and 0.9700.

Meanwhile, pullback moves could aim for the 50-DMA retest, at 0.9565 by the press time, ahead of challenging the 61.8% Fibo. near 0.9525.

Should the USD/CHF prices drop below 0.9525, the pair sellers won’t hesitate to conquer the 0.9500 threshold while targeting the latest April swing low surrounding 0.9455.

USD/CHF: Daily chart

Trend: Further weakness expected