According to the chart pattern, there is a short-term bullish trend in USDCHF with a four-day uptrend. The analyst, Nehcap, predicts that there will be additional recovery in the near future.

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• USD/CHF prints four-day uptrend within short-term bullish chart pattern.

The pair currently trades last at 0.89842.

The previous day high was 0.9001 while the previous day low was 0.8952. The daily 38.2% Fib levels comes at 0.8982, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8971, expected to provide support.

USD/CHF prints mild gains around 0.8990 as it remains firmer for the fourth consecutive day heading into Wednesday’s European session. In doing so, the Swiss Franc (CHF) pair seesaws inside an upward-sloping trend channel stretched from the last Friday.

Apart from the bullish chart pattern, the upbeat RSI (14) line and the pair’s successful trading beyond the 100-Hour Moving Average (HMA) also keep the USD/CHF pair buyers hopeful.

Even so, the likely divergence between the monetary policy practice between the Swiss National Bank (SNB) and the Federal Reserve (Fed) prods USD/CHF pair buyers ahead of Fed Chair Jerome Powell’s bi-annual testimony and SNB Interest Rate Decision, up for publishing on Wednesday and Thursday respectively.

That said, the 200-HMA hurdle surrounding the 0.9000 psychological magnet restricts the immediate upside of the USD/CHF pair ahead of the stated channel’s top line, close to 0.9020 by the press time.

In a case where the Swiss Franc pair remains firmer past 0.9020, multiple levels around 0.9050-55 can prod the bulls ahead of directing them towards the monthly high of near 0.9120.

Meanwhile, the stated channel’s bottom line, near 0.8980, restricts the immediate downside of the pair ahead of the resistance-turned-support stretched from June 12, close to 0.8975.

Following that, the 100-HMA level of around 0.8958 will act as the last defense of the buyers before highlighting the monthly low marked the last Friday at around 0.8900.

Trend: Further recovery expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8985 at the time of writing. Pair opened at 0.8978 and is trading with a change of 0.08% % .

The pair is trading below its 20 Daily moving average @ 0.9036, above its 50 Daily moving average @ 0.8979 , below its 100 Daily moving average @ 0.9105 and below its 200 Daily moving average @ 0.9333

The previous day high was 0.9001 while the previous day low was 0.8952. The daily 38.2% Fib levels comes at 0.8982, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8971, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8953, 0.8928, 0.8905
• Pivot resistance is noted at 0.9002, 0.9026, 0.9051

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