USD/CHF technical analysis: Bulls trying to defend multi-week old ascending trend-channel

Fading safe-haven demand undermined the CHF demand and extended some support.
Bears await a sustained weakness below short-term ascending channel support.

Haresh Menghani FXStreet

The USD/CHF pair struggled to register any meaningful recovery and remained well within the striking distance of near three-week lows set in the previous session, coinciding with the lower end of a multi-week-old ascending trend-channel.

Given that technical indicators on hourly charts maintained their bearish bias and have just started drifting into the negative territory on the daily chart, any follow-through selling will set the stage for an extension of the recent downward trajectory.
However, traders are likely to wait for a sustained break through the mentioned trend-channel support before positioning for any further depreciating move amid US-China trade optimism, which tends to weigh on the Swiss Franc's safe-haven status.

Meanwhile, any subsequent downfall is likely to find some support near the 0.9800 handle, which if broken will reaffirm a near-term bearish breakdown and pave the way for a further near-term slide towards the 0.9730-25 support area.

On the flip side, the 0.9900 round-figure mark now seems to act as an immediate resistance, above which the pair is likely to surpass the very important 200-day SMA and aim to retest the recent swing highs - around the 0.9985 region.

The momentum could further get extended towards challenging the trend-channel resistance, levels just above the key parity mark, above which bulls are likely to regain control and continue driving the pair higher in the near-term.

USD/CHF daily chart

USD/CHF

Overview
Today last price	0.9863
Today Daily Change	0.0008
Today Daily Change %	0.08
Today daily open	0.9855

Trends
Daily SMA20	0.9894
Daily SMA50	0.9846
Daily SMA100	0.99
Daily SMA200	0.9949

Levels
Previous Daily High	0.9915
Previous Daily Low	0.9843
Previous Weekly High	0.9984
Previous Weekly Low	0.9864
Previous Monthly High	0.9976
Previous Monthly Low	0.9659
Daily Fibonacci 38.2%	0.9871
Daily Fibonacci 61.8%	0.9887
Daily Pivot Point S1	0.9827
Daily Pivot Point S2	0.9799
Daily Pivot Point S3	0.9755
Daily Pivot Point R1	0.9899
Daily Pivot Point R2	0.9943
Daily Pivot Point R3	0.9971

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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