The USDCHF moved lower during Fed Chair Powell’s Q&A session, extending a decline that began earlier in the day when the pair fell back below its 100-hour moving average (blue line) at 0.80327. That drop also pushed the price under a swing area between 0.8017 and 0.80233, which in turn opened the door for a retest of the 200-hour moving average.Recall that late Friday, the pair tumbled sharply following the U.S.–China tariff headlines, breaking below the 200-hour MA for the first time in weeks. On Monday, the market staged a brief rebound after President Trump softened some of his weekend remarks, but upside momentum faded as sellers reasserted control.Looking ahead, the 200-hour moving average, the 50% retracement level, and the natural resistance near 0.8000 form a critical downside pivot zone. A decisive move below and sustained break through this area would strengthen the bearish bias, exposing support targets at 0.7986 followed by the broken 38.2% retracement at 0.79588.Conversely, if buyers can once again defend this zone, it would signal another hold of key support, keeping the pair confined to its broader consolidation range. This article was written by Greg Michalowski at investinglive.com.