- Bulls struggle to extend the momentum beyond 200-DMA/50% Fibo. confluence region.
- The much-awaited FOMC monetary policy decision eyed for a fresh bullish confirmation.
The USD/CHF pair held on to its goodish intraday gains and is currently placed near multi-week tops, around mid-0.9900s, as investors start repositioning for the highly anticipated FOMC monetary policy decision.
The mentioned region marks a confluence resistance - comprising of 50% Fibo. level of the 1.0238-0.9659 and the very important 200-day SMA - and is followed by the top end of a six-week-old ascending trend-channel.
Meanwhile, technical indicators on hourly/daily charts maintained their positive bias and support prospects for a further appreciating move, though bulls are likely to wait for a sustained move beyond the trend-channel resistance.
The mentioned barrier- currently near the key 1.0000 psychological mark - coincides with 61.8% Fibo. level, which if cleared might be seen as a fresh trigger for bullish traders and set the stage for a move up towards the 1.0100 handle.
On the flip side, immediate support is pegged near the 0.9925 horizontal zone ahead of the 0.9900 handle, which if broken might accelerate the fall further towards the trend-channel support, currently near mid-0.9800s.
USD/CHF daily chart
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