USD/CHF Technical Analysis: remains poised to extend the bullish momentum
| • Struggles to build on last week's bullish flag breakout momentum and fails ahead of the parity mark, amid reviving safe-haven demand and mixed technical indicators.
• Medium-term chart set-up suggests a follow-through up-move towards 1.0115 hurdle, marking 61.8% Fibonacci expansion level of the 0.9523-1.0057 up-move and subsequent retracement.
• The fact that the pair has been able to hold its neck above short/medium/long-term moving averages further reinforces the bullish outlook.
USD/CHF daily chart
Spot Rate: 0.9960
Daily High: 0.9990
Trend: Bullish
Resistance
R1: 1.000 (psychological round figure mark)
R2: 1.0040 (R3 daily pivot-point)
R3: 1.0057 (YTD tops set in May)
Support
S1: 0.9930 (23.6% Fibo. level of the 0.9523-1.0057 up-move)
S2: 0.9900 (round figure mark)
S3: 0.9877 (50-day SMA)
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