- USD/CHF keeps bounce off intraday low inside a bearish chart pattern.
- Bullish MACD, sustained recovery from 100-SMA favor buyers.
- Sellers can eye 200-SMA on the downside break of the stated channel.
USD/CHF stays firm around 0.9275, up 0.18% intraday, while heading into Friday’s European session. In doing so, the quote justifies Wednesday’s recovery moves from 100-SMA while staying inside a short-term descending channel, a bearish chart pattern.
However, bullish MACD and the pair’s ability to stay above the key SMAs favor buyers targeting the stated channel’s resistance line, at 0.9300 now.
Should USD/CHF bulls manage to defy the bearish formation, the monthly high of 0.9375 and the mid-July 2020 top surrounding 0.9470 should return to the chart.
Meanwhile, 100-SMA and the channel support, respectively around 0.9235 and 0.9205, will precede the 0.9200 threshold during the quote’s fresh downside.
In the case where USD/CHF sellers refrain from respecting the 0.9200 round-figure, the 200-SMA level of 0.9100 will be in focus.
USD/CHF four-hour chart
Trend: Bullish
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