USD/CHF technical analysis: Sustained move beyond 1.0120 hurdle to pave way for further intraday gains

Haresh Menghani FXStreet

• The USD/CHF pair has managed to hold its neck above an ascending trend-line support - extending from early-Jan. swing lows, albeit struggled to clear the 1.0120 static resistance.

• The fact that the pair remains above its important daily moving averages - 50, 100 & 200-day SMAs support prospects for a bullish breakout amid fading safe-haven demand.

Meanwhile, technical indicators on the daily chart haven't been able to gain positive traction, making it prudent for bullish traders to wait for a sustained move beyond the said hurdle before positioning for any further up-move towards 1.0155-60 supply zone.

On the flip side, the ascending trend-line - now coinciding with 50-day SMA, might now act as a key pivotal point for short-term traders, below which the pair is likely to head back towards challenging the parity mark en-route the next support near mid-0.9900s.

USD/CHF daily chart

USD/CHF

Overview
Today last price	1.0112
Today Daily Change	0.0027
Today Daily Change %	0.27
Today daily open	1.0085

Trends
Daily SMA20	1.0155
Daily SMA50	1.007
Daily SMA100	1.0017
Daily SMA200	0.9952

Levels
Previous Daily High	1.0122
Previous Daily Low	1.008
Previous Weekly High	1.0123
Previous Weekly Low	1.005
Previous Monthly High	1.0238
Previous Monthly Low	0.9932
Daily Fibonacci 38.2%	1.0096
Daily Fibonacci 61.8%	1.0106
Daily Pivot Point S1	1.007
Daily Pivot Point S2	1.0054
Daily Pivot Point S3	1.0028
Daily Pivot Point R1	1.0112
Daily Pivot Point R2	1.0138
Daily Pivot Point R3	1.0154

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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