USD/CHF Price Analysis: 100-DMA probes bulls on the way to 0.9680

USD/CHF picks up bids to print three-day uptrend after bouncing off short-term key support.
Convergence of 21-DMA, 50-DMA appears a tough nut to crack for bulls.
RSI, MACD hints at further recovery moves, 100-DMA guards immediate upside.

Anil Panchal FXStreet

USD/CHF bulls attack the 100-DMA hurdle while picking up bids to 0.9620 during early Thursday morning in Europe. In doing so, the Swiss currency (CHF) pair rises for the third consecutive day after Tuesday’s rebound from the lowest levels since late April.

The recovery moves also took place from a 10-week-old downward sloping trend line. That said, the recently firmer RSI and an impending bull cross on the MACD also keep USD/CHF buyers hopeful.

However, a daily closing beyond the 100-DMA level surrounding 0.9625 becomes necessary for the pair to convince buyers.

Even so, a confluence of the 21-DMA and 50-DMA, around 0.9680, will be a crucial resistance for the USD/CHF bulls to cross before taking control.

Alternatively, the pair’s pullback moves may aim for the 0.9600 and the 0.9500 thresholds before revisiting the downward sloping support line from late May, around 0.9490 by the press time.

Also acting as a downside filter is a horizontal area comprising the latest swing low and March’s peak, around 0.9460-70.

Should the USD/CHF prices drop below 0.9460 support, the odds of witnessing the 0.9400 level back on the chart can’t be ruled out.

USD/CHF: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.9619
Today Daily Change	0.0013
Today Daily Change %	0.14%
Today daily open	0.9606

Trends
Daily SMA20	0.9681
Daily SMA50	0.9679
Daily SMA100	0.962
Daily SMA200	0.9419

Levels
Previous Daily High	0.9652
Previous Daily Low	0.9542
Previous Weekly High	0.9668
Previous Weekly Low	0.9502
Previous Monthly High	0.9886
Previous Monthly Low	0.9502
Daily Fibonacci 38.2%	0.961
Daily Fibonacci 61.8%	0.9584
Daily Pivot Point S1	0.9548
Daily Pivot Point S2	0.9491
Daily Pivot Point S3	0.9439
Daily Pivot Point R1	0.9657
Daily Pivot Point R2	0.9709
Daily Pivot Point R3	0.9767

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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