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USDCHF is Back in Red after Surpassing 20-SMA

USDCHF has reversed back up again after finding support at the 0.9153 barrier, surpassing the 20-period simple moving average (SMA) in the 4-hour chart. However, the price is currently posting a red session.

Momentum indicators are pointing to a neutral to negative bias in the short term with the RSI just above the neutral threshold of 50 and the MACD losing momentum below its trigger line in the bullish territory.

In the event of upside movements, the 0.9210 level could act as a barrier before being able to re-challenge the two-month high of 0.9230. A break above this level would shift the medium-term outlook to a bullish one as it would take the pair above the 0.9300 handle.

On the other side, a dive beneath the 20-period SMA could send the price towards the 0.9153 barrier, which overlaps with the 40-period SMA. A drop lower could open the way for the 0.9055 line, before touching the 200-period SMA at 0.9025.

Overall, USDCHF was trying to recoup the losses of the preceding days, though any climbs above the two-month high could endorse the longer-term bullish view.   

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