- USD/CHF traded with a positive bias for the sixth consecutive session on Monday.
- Bulls are likely to wait for a sustained move beyond the very important 200-DMA.
The USD/CHF pair built on last week's goodish positive move of around 300 pips and continued gaining traction for the sixth straight session on Monday.
The pair climbed to near two-week tops in the last hour, with bulls now looking to extend the momentum further beyond the 0.9800 round-figure mark.
The mentioned handle nears the very important 200-day SMA, around the 0.9810 region, which if cleared might be seen as a fresh trigger for bullish traders.
Meanwhile, technical indicators on the daily chart have just started moving into the positive territory and further reinforce prospects for an extension of the positive move.
Hence, some follow-through strength, towards challenging a near one-year-old descending trend-line resistance near the 0.9900 mark, now looks a distinct possibility.
On the flip side, any meaningful pullback might still be seen as an opportunity to initiate some fresh bullish positions and should remain limited near the 0.9715-10 region.
Failure to defend the mentioned support might prompt some aggressive technical selling and drag the pair further towards its next support near the 0.9625 region.
USD/CHF daily chart
Technical levels to watch
|Today last price||0.9776|
|Today Daily Change||0.0008|
|Today Daily Change %||0.08|
|Today daily open||0.9768|
|Previous Daily High||0.9796|
|Previous Daily Low||0.973|
|Previous Weekly High||0.9796|
|Previous Weekly Low||0.9502|
|Previous Monthly High||0.9902|
|Previous Monthly Low||0.9183|
|Daily Fibonacci 38.2%||0.9771|
|Daily Fibonacci 61.8%||0.9755|
|Daily Pivot Point S1||0.9734|
|Daily Pivot Point S2||0.9699|
|Daily Pivot Point S3||0.9668|
|Daily Pivot Point R1||0.98|
|Daily Pivot Point R2||0.9831|
|Daily Pivot Point R3||0.9865|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.