USD/CHF Price Analysis: Refreshes two-month high around 0.9000, bulls look to retake controls

USD/CHF pierces key resistance line from September 25 while taking the bids bear multi-month top.
Bullish MACD favor further upside towards the key Fibonacci retracement levels, SMA.
Sellers may look for entries below one-month-old support line.

Anil Panchal FXStreet

USD/CHF rises to the fresh high since early December 2020, currently up 0.15% intraday to 0.9002, during the pre-European session on Thursday.

In doing so, the USD/CHF buyers attack a key resistance line amid bullish MACD, which in turn suggests further upside momentum towards 50% Fibonacci retracement of September 2020 to January 2021 declines, at 0.9027.

However, any further advances will have to cross the 61.8% Fibonacci retracement level of 0.9091 and the 0.9100 round-figure to revisit the 200-day SMA level near 0.9195.

During the quote’s fresh weakness, lows marked during November 2020, near 0.8980, can entertain short-term sellers before directing them to January top near 0.8925.

Though, USD/CHF bears will remain cautious unless witnessing a daily closing below an ascending support line from January 06, currently around 0.8900.

To sum up, USD/CHF bulls are set to retake controls after five months of downward trajectory.

USD/CHF daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.9003
Today Daily Change	14 pips
Today Daily Change %	0.16%
Today daily open	0.8989

Trends
Daily SMA20	0.8894
Daily SMA50	0.8894
Daily SMA100	0.9016
Daily SMA200	0.9197

Levels
Previous Daily High	0.9003
Previous Daily Low	0.897
Previous Weekly High	0.8919
Previous Weekly Low	0.8848
Previous Monthly High	0.8926
Previous Monthly Low	0.8758
Daily Fibonacci 38.2%	0.899
Daily Fibonacci 61.8%	0.8983
Daily Pivot Point S1	0.8972
Daily Pivot Point S2	0.8955
Daily Pivot Point S3	0.8939
Daily Pivot Point R1	0.9004
Daily Pivot Point R2	0.902
Daily Pivot Point R3	0.9037

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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