USD/CHF Price Analysis: Mildly bid above 0.9700, eyes on nearby resistance line, 200-day SMA
- USD/CHF carries the bounce off 100-day SMA, probes 23.6% Fibonacci retracement.
- An ascending trend line from late-March offers strong downside support.
- Normal RSI conditions add strength to the buying strength.
USD/CHF prints 0.10% gains on a day while taking the bids near 0.9732 during the early Thursday. The pair registers second day in the green zone following its U-turn from 100-day SMA on Wednesday.
In addition to the pair’s sustained trading beyond the key SMA, normal RSI conditions also increases the odds for the further upside.
Hence, buyers can target a three-week-old falling trend line, near 0.9775 now. Though, 200-day SMA close to 0.9787 seems to restrict the pair’s further upside.
Should the bulls manage to conquer 0.9787, April top of 0.9802 and March peak surrounding 0.9900 will be on their radars.
Alternatively, a downside break below 100-day SMA level of 0.9687 can drag the pair towards an ascending rend line from March 27, at 0.9615 now.
If at all the bears dominate past-0.9615, 50% Fibonacci retracement of March month upside, at 0.9540, will be on the spotlight.
USD/CHF daily chart
Trend: Further recovery expected
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