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  • USD/CHF extends recovery moves from multi-month low, keeps break of short-term resistance line to attack another.
  • Bullish MACD favor the buyers, sellers still have a passage for return unless crossing the trend line resistance.
  • Buyers can pierce 0.9200 on the upside break, bears can cheer downside past-0.9100.

USD/CHF takes the bids near 0.9161, up 0.38% on a day, while heading into the European open on Monday. The pair bounced off the lowest since early-2015 on Friday. In doing so, it cleared a downward sloping trend line from July 22. The same gains support from bullish MACD to favor the buyers.

However, a descending trend line from July 17, at 0.9170 now, becomes the immediate upside barrier for the bulls to cross.

Should USD/CHF prices manage to rise past-0.9170, July 28 top near 0.9230 will become their favorite ahead of attacking the early-July low near 0.9360.

Meanwhile, sellers may look for an entry on the quote’s slip below the resistance-turned-support, at 0.9100 now, which in turn opens the gate for the pair south-run to July month’s low near 0.9055.

Given the bears’ dominance past-0.9055, the return of the 0.9000 can’t be ruled out.

USD/CHF four-hour chart

Trend: Further recovery expected