USD/CHF technical analysis: Bulls trying to seize control above 200-hour EMA, FOMC minutes awaited for confirmation

• The USD/CHF pair on Wednesday showed some resilience near 200-hour EMA and has now moved well within the striking distance of two-week tops set earlier this week.
• The mentioned region – around the 0.9775-70 area – had provided some intermediate resistance on the way up and should now act as a key pivotal point for short-term traders.

Meanwhile, technical indicators on hourly charts have been gaining positive traction and also recovered from the negative territory on the daily chart, supporting prospects for an extension of the recent recovery move from yearly lows touched earlier this August.
 
Sustained move beyond the 0.9820 region will reinforce the near-term bullish outlook and set the stage for a strong follow-through up-move towards reclaiming the 0.9900 handle en-route the very important 200-day SMA barrier – currently near the 0.9960 region.
 
On the flip side, a decisive break below the mentioned support might negate the constructive set-up and prompt some aggressive technical selling, which might turn the pair vulnerable to accelerate the slide further towards the 0.9735-30 horizontal support.
 
The downward trajectory could further get extended towards the 0.9700 round figure mark before the pair eventually drops to challenge yearly lows support – around the 0.9660 region.

USD/CHF 1-hourly chart