• USD/CHF remains pressured near three-week low as sellers poke the key support line.
• Bearish MACD signals, successful trading below 100-DMA favor sellers.
• Convergence of the 21-DMA, 50-DMA adds to the upside filters.

USD/CHF sellers jostle with a crucial support line from March while printing a 0.9590 figure during Thursday’s Asian session. In doing so, the Swiss currency (CHF) pair keeps the post-Fed losses around the lowest levels since July 04.

With this, the USD/CHF pair also holds the previous day’s downside break of the 100-DMA amid bearish MACD signals, which in turn keeps sellers hopeful of conquering the key support around 0.8590-85.

Following the clear downside break of 0.8585, the pair bears can aim for the lows marked in May and June, respectively around 0.9545 and 0.9495.

Alternatively, recovery moves need validation from the 100-DMA level of 0.9615 to lure intraday buyers of the USD/CHF pair.

Even so, the 21-DMA and the 50-DMA could challenge the bulls around 0.9690-95. Also acting as an upside filter is the 0.9700 threshold.

In a case where the USD/CHF prices stay firmer past 0.9700, the monthly high of 0.9885 will be in focus.

Overall, USD/CHF is ready to extend the Fed-led losses but waits for the US Q2 Gross Domestic Product (GDP) Annualized, expected 0.4% versus -1.6% prior.

USD/CHF: Daily chart

Trend: Further weakness expected