USD/CHF Price Analysis: Bulls attack 50-DMA above 0.9700

USD/CHF holds onto the previous day’s bounce off 21-DMA.
Impending bear cross on MACD, 50-DMA challenge bulls.
100-DMA, ascending trend line from March appear extra filters to the south.
Horizontal area from early May appears a tough nut to crack for bulls.

Anil Panchal FXStreet

USD/CHF defends Wednesday’s recovery moves above 0.9700, at 0.9715 during Thursday’s Asian session. In doing so, the Swiss currency (CHF) pair buyers poke the 50-DMA hurdle.

It’s worth noting that the MACD teases bears but steady RSI and the quote’s sustained trading beyond the 21-DMA, the 100-DMA and an upward sloping trend line from late March keep buyers hopeful.

That said, a clear upside break of the immediate 50-DMA resistance, around 0.9720 by the press time, appears necessary for the USD/CHF buyers to aim for the 0.9800 threshold.

However, a horizontal area comprising multiple levels marked since early May around 0.9875-80, appears crucial for the bulls before they aim for the yearly peak surrounding 1.0065.

Meanwhile, pullback moves remain elusive beyond the 21-DMA support of 0.9689.

Following that, the 100-DMA and a four-month-old ascending trend line support, respectively near 0.9595 and 0.9570, could challenge the USD/CHF bears.

In a case where the quote drops below 0.9570, the odds of witnessing a slump towards June’s low of 0.9495 can’t be ruled out.

USD/CHF: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.9716
Today Daily Change	0.0029
Today Daily Change %	0.30%
Today daily open	0.9687

Trends
Daily SMA20	0.9683
Daily SMA50	0.9731
Daily SMA100	0.9587
Daily SMA200	0.9397

Levels
Previous Daily High	0.9787
Previous Daily Low	0.9654
Previous Weekly High	0.9886
Previous Weekly Low	0.9757
Previous Monthly High	1.005
Previous Monthly Low	0.9495
Daily Fibonacci 38.2%	0.9705
Daily Fibonacci 61.8%	0.9736
Daily Pivot Point S1	0.9632
Daily Pivot Point S2	0.9576
Daily Pivot Point S3	0.9499
Daily Pivot Point R1	0.9764
Daily Pivot Point R2	0.9842
Daily Pivot Point R3	0.9897

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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