USD/CHF Price Analysis: Bounces off resistance-turned-support towards 0.9600
|- USD/CHF extends the recovery from the lowest levels since late April, renews daily top of late.
- Firmer RSI, U-turn from previous resistance favor bulls to challenge 200-HMA hurdle.
- Multiple supports around 0.9500 adds to the downside filters.
USD/CHF picks up bids to approach the intraday high near 0.9585 during the initial hour of the European session on Wednesday.
In doing so, the Swiss currency (CHF) pair extends the latest bounce off the resistance-turned-support line from July 14, towards the 200-HMA hurdle surrounding 0.9590.
It’s worth observing that the firmer RSI (14), not overbought, joins the pair’s successful rebound from the previous key resistance line to keep USD/CHF buyers hopeful of crossing the immediate resistance.
Following that, July 22 swing low near 0.9600 could test the pair bulls before directing them to the 0.9700 and the 61.8% Fibonacci retracement of July 14 to August 01 downside, around 0.9730.
Alternatively, pullback remains elusive until the quote stays beyond the resistance-turned-support line, around 0.9540 by the press time.
Following that, there are multiple swing lows marked during late July close to 0.9500 which could challenge the USD/CHF bears.
In a case where USD/CHF drops below 0.9500, the latest swing low near 0.9470 and March’s high near 0.9460 could act as the last defenses for bulls.
USD/CHF: Hourly chart
Trend: Further upside expected
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