USD/CHF Technical Analysis: Slightly overbought conditions warrant some caution near ascending trend-channel resistance

Haresh Menghani FXStreet

• The pair built on its recent positive momentum and Friday's goodish bounce from confluence support - comprising of 200-hour SMA and the lower end of a near two-week-old ascending trend-channel formation.

• The intraday positive momentum to over one-week tops has now lifted the pair to the trend-channel resistance and warrant some caution for bullish traders amid slightly overbought conditions on the 1-hourly chart.

• However, bullish oscillators on 4-hourly/daily charts support prospects for a further near-term appreciating move and should attract some dip-buying interest, which might help limit any meaningful corrective slide.

• Meanwhile, a sustained break through the trend-channel resistance has the potential to lift the pair further beyond the 1.0100 round figure mark towards testing YTD tops, around the 1.0120 region set in March.

USD/CHF 1-hourly chart

USD/CHF

Overview
Today last price	1.0059
Today Daily Change	0.0018
Today Daily Change %	0.18
Today daily open	1.0041

Trends
Daily SMA20	0.9978
Daily SMA50	1.0011
Daily SMA100	0.9962
Daily SMA200	0.9927

Levels
Previous Daily High	1.0048
Previous Daily Low	1.0009
Previous Weekly High	1.0047
Previous Weekly Low	0.9977
Previous Monthly High	1.0125
Previous Monthly Low	0.9894
Daily Fibonacci 38.2%	1.0033
Daily Fibonacci 61.8%	1.0024
Daily Pivot Point S1	1.0017
Daily Pivot Point S2	0.9994
Daily Pivot Point S3	0.9978
Daily Pivot Point R1	1.0056
Daily Pivot Point R2	1.0072
Daily Pivot Point R3	1.0095

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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