USDCHF remains bearish after failing to break resistance

The USDCHF currency pair is currently in a bearish trend after failing to break above the 38.2% Fibonacci retracement level at 0.88637 last week. This resistance has prevented buyers from gaining momentum. The pair is now testing important support levels, including the 100-hour and 200-hour moving averages at 0.8830, and the 200-day moving average at 0.88147. A drop below these levels could lead to further declines. If buyers can hold above the 200-day moving average and push past the 100/200 hour moving averages, it may signal a shift in momentum. However, as long as the price stays below the 38.2% retracement level, selling pressure is expected to continue.