- USD/CHF gained some positive traction and recovers further from one-month lows.
- The uptick is likely to remain capped near the top end of an ascending trend-channel.
The USD/CHF pair maintained its bid tone through the early North-American session and was last seen trading near the top end of its daily trading range, just above mid-0.9600s.
The pair’s bounce from sub-0.9600 levels or one-month lows set on Friday has been along a short-term ascending trend-channel formation, supporting prospects for additional gains.
This coupled with the fact that the pair has managed to find acceptance above 50-hour SMA adds credence to the constructive outlook amid a strong pickup in the USD demand.
Meanwhile, technical indicators on the 1-hourly chart have been gaining traction and remained supportive, albeit bearish oscillators on the daily chart warrant some caution for bulls.
Hence, any subsequent positive move is likely to confront a stiff resistance and remain capped near the 0.9670 region, representing the top end of the mentioned channel.
USD/CHF 1-hourly chart
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