- USD/CHF finds buyers around 0.9009; the recent low posted yesterday
- Apart from the 100-hour moving average and weekly resistance, a two-day falling trend-line needs to be broken.
- Bears have to push the price below the psychologically important 0.9000 to gain the advantage.
USD/CHF was trading around 0.9038 after touching an intraday high of 0.9040. Today’s strength is a continuation of the pullback yesterday from the multi-year low since January 2015, and the pair is now challenging its two-day-old resistance area.
The current bullish MACD means the pair would cross 0.9041; but any further upside is dependent on breaking through 0.9050 – a descending resistance line drawn from August 14.
The 100-hour moving average at 0.9075 can attract the bulls along with the August 12 high at 0.9200.
If the USD/CHF breaks down through the immediate support area near 0.9030, then 0.9000 will be on play. And, further downside momentum can challenge July 2014 bottom around 0.8850/55.