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  • Buyers dominate on the back of the previous resistance-turn-support.
  • Break of 1.0185 can trigger fresh upside.

The failure to past-1.0240 couldn’t weaken the USD/CHF pair much as it bounced off previous resistance (now support) during early Thursday as it trades around 1.0175.

However, the quote needs to validate its strength by crossing an immediate descending trend-line, at 1.0185, which in turn opens the gate for its rise to 1.0215.

It should also be noted that pair’s further increase above 1.0215 can again challenge 1.0240 ahead of targeting 61.8% Fibonacci expansion (FE) of its mid-April to early-May moves, at 1.0275.

Given the pair drops beneath 1.0125/20, an upward sloping trend-line since April 01 can entertain sellers at 1.0090.

In case bears keep dominating price sentiment under 1.0090, another support-line at 1.0035 and 1.0000 psychological magnet could flash on their radars to target.

USD/CHF 4-Hour chart

Trend: Positive