USD/CHF Price Forecast: Hovers above 0.8200 near nine-day EMA barrier

• USD/CHF may approach the initial support at the descending channel's lower boundary around 0.8140.
• Bearish bias prevails as the 14-day Relative Strength Index is positioned below the 50 mark.
• The immediate barrier appears at the nine-day EMA of 0.8219.

The USD/CHF pair extends its gains for the second successive session, trading around 0.8200 during the Asian hours on Friday. However, the bearish bias is prevailing as the pair moves downwards within the descending channel pattern.

The USD/CHF pair remains below the nine-day Exponential Moving Average (EMA), indicating short-term momentum is weaker. Moreover, the 14-day Relative Strength Index (RSI) remains below the 50 mark, suggesting a persistent bearish outlook.

On the downside, the USD/CHF pair could fall toward the lower boundary of the descending channel around 0.8140. A break below the channel could reinforce the bearish bias and put downward pressure on the pair to navigate the region around 0.8039, the lowest level since November 2011, which was last seen on April 21.

The USD/CHF pair may target the immediate barrier at the nine-day EMA of 0.8219. A break above this level could improve the short-term price momentum and support the pair to explore the area around the descending channel's upper boundary around 0.8300, followed by the 50-day EMA at 0.8365.

USD/CHF: Daily Chart