USD/CHF Price Analysis: Approaches 100-DMA hurdle within bullish channel
- USD/CHF picks up bids to reverse the previous day’s losses.
- Sustained trading above the key Fibonacci retracement, upbeat oscillators join bullish chart pattern to favor buyers.
- Sellers have a bumpy road to face on their return, 0.9345 appears short-term key support.
USD/CHF renews its intraday high around 0.9415 as bulls return to the table, after the previous day’s absence, during early Thursday. In doing so, the Swiss currency pair remains firmer past the 61.8% Fibonacci retracement level of its downturn from late November 2022 to early February 2023.
Not only the successful trading beyond the 61.8% Fibonacci retracement, also known as the golden Fibonacci ratio, but the bullish MACD signals and upbeat RSI (14), not overbought, also keeps the USD/CHF buyers hopeful of witnessing further advances.
However, the 100-DMA hurdle surrounding 0.9445 guards the pair’s immediate upside.
Following that, the stated channel’s top line and late November swing high could act as the last defenses of the USD/CHF bears around 0.9480 and 0.9550 respectively.
It’s worth observing that the November 21 high of around 0.9600 appears the key for the USD/CHF bulls to track afterward.
Meanwhile, pullback remains elusive till the quote stays inside the aforementioned bullish channel, established on February 10, currently between 0.9480 and 0.9345.
That said, the 61.8% Fibonacci retracement level of 0.9393 can act as immediate support.
Overall, USD/CHF is likely to remain firmer and can cross the 100-DMA immediate hurdle while its upside past 0.9480 appears doubtful.
USD/CHF: Daily chart
Trend: Further upside expected
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.
