- USD/CHF holds onto recovery gains from a 16-month low.
- 200-hour SMA will please buyers during a sustained breakout.
- Bears may aim for September 2018 low following the downside break of the recent bottom.
USD/CHF confronts a one-week-old falling trend line resistance while trading around 0.9650 during early Friday. The pair recently ticked up to 0.9654 but failed to extend the rise.
Hence, buyers will look for entry above 0.9650/55 area while targeting a 200-hour SMA level around 0.9700.
It’s worth mentioning that the pair’s run-up beyond 0.9700 depends upon how well it manages to hold the rise past-January 14 top of 0.9715.
Meanwhile, pair’s declines below the recent low of 0.9612 may catch breath around 0.9600 ahead of plummeting to September 2018 bottom of 0.9542.
USD/CHF hourly chart
Trend: Bearish
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