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USDCHF Advances With Strong Momentum in Short-Term

USDCHF has come under renewed buying interest over the last four days and today is still increasing its positive momentum. Technically, the red Tenkan-sen line is pointing upwards, indicating a bullish move, while the RSI is aggressively moving towards the overbought zone. However, the MACD oscillator posted a crossover to the upside with its trigger line in the short term.

Immediate resistance is coming from the 1.0097 barrier, taken from the latest highs, while the 20-month peak of 1.0130 could be the next obstacle to look for. A decisive close above this level could prove challenging for the bulls but doing so would shift the attention up to the next barrier of 1.0170.

Alternatively, a downside reversal would likely retest the 20- and 40-simple moving averages (SMAs) currently at 1.0023 and 0.9980 respectively. A drop below these lines could open the way towards 0.9925 and the 23.6% Fibonacci retracement level of the upleg from 0.9185 to 1.0130 around 0.9900. More declines could send prices to challenge the more than one-year rising trend line.

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Summarizing, USDCHF maintains a bullish outlook in the long-term picture.

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