USD/CHF Price Analysis: Bulls await a sustained move beyond 0.9765-70 supply zone

USD/CHF trades with a positive bias for the fourth consecutive session.
The 0.9700 mark might now act as a strong base for bullish traders.

Haresh Menghani FXStreet

The USD/CHF pair edged higher for the fourth consecutive session on Thursday and is currently placed near one-week tops, levels just below mid-0.9700s.

Any subsequent positive move is likely to confront stiff resistance near the 0.9765-70 region (testing twice in January) and kept a lid on any further gains.

The mentioned barrier coincides with 38.2% Fibonacci level of the 1.0024-0.9613 downfall, which if cleared might be seen as a key trigger for bullish traders.

Moreover, technical indicators on hourly/daily charts have been gaining positive traction and support prospects for an extension of the ongoing momentum.

Hence, some follow-through buying has the potential to lift the pair further beyond the 0.9800 mark towards testing 50% Fibo. level resistance near the 0.9820 region.

Meanwhile, immediate support is pegged near 23.6% Fibo. level, around the 0.9700 round-figure mark, which if broken might negate prospects for any further recovery.

USD/CHF daily chart

USD/CHF

Overview
Today last price	0.9742
Today Daily Change	0.0006
Today Daily Change %	0.06
Today daily open	0.9736

Trends
Daily SMA20	0.9692
Daily SMA50	0.9763
Daily SMA100	0.9845
Daily SMA200	0.9878

Levels
Previous Daily High	0.9748
Previous Daily Low	0.9678
Previous Weekly High	0.9768
Previous Weekly Low	0.9629
Previous Monthly High	0.9768
Previous Monthly Low	0.9613
Daily Fibonacci 38.2%	0.9721
Daily Fibonacci 61.8%	0.9705
Daily Pivot Point S1	0.9693
Daily Pivot Point S2	0.9651
Daily Pivot Point S3	0.9623
Daily Pivot Point R1	0.9763
Daily Pivot Point R2	0.9791
Daily Pivot Point R3	0.9833

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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