USD/CHF Price Analysis: Rebounds from 100-SMA to pierce 0.9200
|- USD/CHF reverses Friday’s pullback from 13-day top, refreshes intraday high.
- Firmer Momentum line, sustained bounce off the key moving average favor buyers.
- Monthly resistance line appears the key for short-term, ascending trend line from December 31 adds to the downside filters.
USD/CHF takes the bids to renew intraday peak to 0.9207 during early Monday morning in Europe.
The Swiss currency (CHF) pair marked the heaviest daily losses since December 22 before bouncing off the 100-SMA. The corrective pullback gains support from a firmer Momentum line to direct the pair buyers towards the monthly resistance line, around 0.9230.
During the quote’s sustained run-up beyond 0.9230, the 61.8% Fibonacci retracement (Fibo.) of November-December downside, around 0.9270, will be crucial to watch for the USD/CHF pair’s further upside.
Meanwhile, a downside break of the 100-SMA, around 0.9185 by the press time, isn’t a green signal for USD/CHF sellers as a one-week-old support line, near 0.9178, will test the south-run towards December’s bottom surrounding 0.9100.
Overall, USD/CHF keeps the bullish consolidation to pare losses marked since late November. However, buyers will have a bumpy road ahead.
USD/CHF: Four-hour chart
Trend: Further upside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.