- USD/CHF extends recovery moves from 0.9645, nears one-week high.
- Monthly resistance line, 200-day SMA question buyers.
- A three-week-old rising support line becomes the key during a fresh downside.
While extending its run-up past-100-day SMA, USD/CHF rises to 0.9720, up 0.08% on a day, during the early Monday.
Considering the pair’s sustained trading beyond key SMA, the pair is likely to again confront the monthly resistance line, at 0.9750 now, during the further upside.
However, the quote’s rise beyond 0.9750 needs validation from 200-day SMA, currently at 0.9785, for further upside.
Alternatively, a daily closing below 100-day SMA level of 0.9687 will pull the pair back to an ascending trend line from May 01, at 0.9650 now.
If at all the bears manage to keep the reins past-0.9650, the monthly lows near 0.9590/85 could be on their radars.
USD/CHF daily chart
Trend: Further recovery expected
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