#USDCHF @ 0.96486 -imp levels: buyers attack 100-DMA in search of further gains around one-month high.

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• USD/CHF buyers attack 100-DMA in search of further gains around one-month high.
• Bullish MACD signals, clear break of 50-DMA keep buyers hopeful.
• Descending resistance line from mid-June challenges the advances.

The pair currently trades last at 0.96486.

The previous day high was 0.9659 while the previous day low was 0.9574. The daily 38.2% Fib levels comes at 0.9626, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9606, expected to provide support.

USD/CHF prints a seven-day uptrend as it pokes the 100-DMA during the initial hour of Tuesday’s European session. In doing so, the Swiss currency (CHF) pair remains firmer around the monthly top surrounding 0.9660, marked the previous day.

The pair’s upside momentum takes clues from the bullish MACD signals and successful trading beyond the 50-DMA, at 0.9627 by the press time.

It should be noted, however, that the 100-DMA and a 10-week-old resistance line, respectively around 0.9655 and 0.9665, challenge the USD/CHF bulls.

Should the quote crosses the 0.9665 hurdle, an upward trajectory towards the 50% and 61.8% Fibonacci retracements of June-August downside, close to 0.9710 and 0.9790 in that order, appears imminent. Though, July’s peak of 0.9885 and the 0.9900 threshold could test the USD/CHF buyers afterward.

Alternatively, a convergence of the 50-DMA and the 38.2% Fibonacci retracement level, around 0.9630, restricts the short-term downside of the pair.

Following that, a one-week-old support line near 0.9585 will be crucial as a downside break of the same could quickly drag the quote towards the early-month swing low near 0.9470.

Overall, USD/CHF struggles to restore buyers’ confidence but needs validation from 0.9660.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9651 at the time of writing. Pair opened at 0.9641 and is trading with a change of 0.10% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9539, 50 SMA 0.9635, 100 SMA @ 0.965 and 200 SMA @ 0.9443.

The previous day high was 0.9659 while the previous day low was 0.9574. The daily 38.2% Fib levels comes at 0.9626, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9606, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.959, 0.954, 0.9506
• Pivot resistance is noted at 0.9676, 0.971, 0.9761

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