The USDCHF currency pair, currently trading at 0.87679, is holding onto slight increases following a four-week upward trend. According to @nehcap’s analysis, there is anticipation for additional gains in the future.

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• USD/CHF clings to mild gains after four-week uptrend.

The pair currently trades last at 0.87679.

The previous day high was 0.8781 while the previous day low was 0.8735. The daily 38.2% Fib levels comes at 0.8753, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8763, expected to provide support.

USD/CHF stays defensive around 0.8770 heading into Monday’s European session as it edges higher past 200-SMA within a fortnight-old symmetrical triangle. In doing so, the Swiss Franc (CHF) pair struggles to justify the US Dollar’s strength amid the risk-off mood, as well as backed by the firmer Treasury bond yields. It’s worth noting that the fresh debt woes from China join the cautious mood ahead of the FOMC Minutes and indecision about the Fed’s next move weighs on sentiment and puts a floor under the quote.

Also read: USD/CHF remains range-bound around 0.8770 ahead of Swiss data, US Retail Sales

Technically, an upside clearance of the 200-SMA joins the upbeat RSI (14) line, not overbought, to favor the USD/CHF buyers.

It’s worth noting that a successful upside break of the two-week-old symmetrical triangle, currently between 0.8740 and 0.8780, becomes necessary for the USD/CHF bulls to retake control.

Even so, a downward-sloping resistance line from May 31, close to 0.8840 at the latest, can challenge the Swiss Franc (CHF) pair buyers before giving them control.

On the contrary, a downside break of the stated triangle’s support line surrounding 0.8740 isn’t an open welcome to the USD/CHF bears as a one-month-old horizontal support area around 0.8640-30 appears a tough nut to crack for the pair sellers.

In a case where the USD/CHF remains bearish past 0.8630, the odds of witnessing a slump towards the yearly low marked in July around 0.8550 can’t be ruled out.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8772 at the time of writing. Pair opened at 0.8765 and is trading with a change of 0.08% % .

The pair is trading above its 20 Daily moving average @ 0.8697, below its 50 Daily moving average @ 0.8842 , below its 100 Daily moving average @ 0.8921 and below its 200 Daily moving average @ 0.9124

The previous day high was 0.8781 while the previous day low was 0.8735. The daily 38.2% Fib levels comes at 0.8753, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8763, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.874, 0.8715, 0.8695
• Pivot resistance is noted at 0.8786, 0.8806, 0.8831

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