The USDCHF continues to struggle with upside momentum after repeated failures near key technical resistance levels last week.

Last week, the pair attempted to break above the high extreme at 0.8333 and move toward the 38.2% retracement of the March–April decline at 0.83505, but sellers held firm. That resistance zone has capped gains on multiple occasions, as shown by the numbered rejections on the chart (see red numbered circles).

Having said that, the move lower on Friday also held the support against key swing area between 0.8195 and 0.8212 before rebounding toward the new convergences of 100 and 200 hour moving averages currently at 0.8257 and 0.8263 (blue and green lines on the chart above).

Earlier today, USDCHF briefly traded above its 100-hour (blue) and 200-hour (green) moving averages, but bullish momentum quickly faded. The pair has since rotated back lower and now trades below both moving averages, signaling a more bearish bias.

The pair also sits in the lower half of its recent consolidation range, underscoring the bearish tilt in the near term. The inability to sustain gains above the moving averages keeps sellers in control, with focus now on the support zone near 0.8195–0.8212. A break below this area could open the door toward the next swing area and lows from late April.

Key technical levels:

• Resistance: 0.8257 (100 hour moving average), 0.82636 (200 hour moving average)

• Support: 0.8195-0.8212 (swing area support)