- USD/CHF remains mildly positive following Friday’s pullback moves from 100-HMA.
- Key Fibonacci retracement levels on the bulls’ radars.
- The short-term horizontal support line can offer additional filters to the downside.
USD/CHF registers 0.12% gains while taking rounds to 0.9680 during early Monday’s trading session.
In doing so, the pair holds onto recovery Friday’s gains from 100-HMA while nearing 50% Fibonacci retracement of its fall from April 06 to 14, close to 0.9700.
Should there be a clear upside past-0.9700, 61.8% Fibonacci retracement level of 0.9720 and Friday top surrounding 0.9725 could entertain the bulls ahead of 0.9745 and the monthly top near 0.9800.
On the contrary, a clear break below the 100-HMA level of 0.9655 may take a rest on 23.6% Fibonacci retracement near 0.9640.
However, the quote’s further downside will have to break four-day-old horizontal support, at 0.9620, before challenging the month’s low near 0.9595.
USD/CHF hourly chart
Trend: Further recovery expected
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