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Bulls poke 0.9980 resistance confluence

AliExpress WW
  • USD/CHF grinds higher during a three-day uptrend, eyes third consecutive monthly gain.
  • Convergence of 50-SMA, 100-SMA challenge buyers of late.
  • MACD, RSI conditions suggest gradual advances toward the yearly low.

USD/CHF buyers jostle with the 0.9975-80 hurdle during the initial hour of Monday morning in Europe. In doing so, the Swiss currency (CHF) pair braces for the third monthly gain as it pokes a joint of the 100-SMA and the 50-SMA.

Given the firmer RSI (14) and the bullish MACD signals, not to forget the pair’s sustained trading beyond a three-day-old ascending trend line, USD/CHF prices are likely to remain firmer.

However, a clear upside break of the 0.9980 hurdle appears necessary for the buyers to meet the 1.0000 psychological magnet.

Following that, multiple hurdles around 1.0080 could probe the USD/CHF pair’s upside ahead of challenging the yearly top of 1.0148. In a case where the quote remains firmer past 1.0150, the April 2019 peak surrounding 1.0240 will gain the market’s attention.

Meanwhile, the pullback move remains elusive unless the quote stays beyond the aforementioned support line from Wednesday, close to 0.9920 at the latest.

Should the USD/CHF bears manage to conquer the 0.9920 support, the 0.9900 threshold and the monthly low near 0.9840 will be on their radar.

Overall, USD/CHF is likely to remain firmer but the upside room appears limited.

USD/CHF: Four-hour chart

Trend: Further upside expected


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