USD/CHF Technical Analysis: 100-day SMA becomes a tough nut to crack for sellers

Summary:
USD/CHF takes another U-turn from 100-day SMA, takes the bids above 38.2% Fibonacci retracement. 61.8% Fibonacci retracement acts as the key support while 200-day SMA holds the pair’s recovery confined. Following its bounce off 100-day SMA, USD/CHF rises past-38.2% Fibonacci retracement of August-October upside while taking the bids to 0.9900 by the press time ahead of the European session on Monday. Considering the pair’s recent recovery from near-term strong support, prices could revisit 0.9925/30 resistance area ahead of confronting 23.6% Fibonacci retracement level near 0.9942. However, 200-day Simple Moving Average (SMA) level of 0.9952 continues to act as strong upside barrier. Should there be a clear run-up beyond 0.9952, the monthly top surrounding 0.9980

Topics:
Anil Panchal considers the following as important: 1) SNB and CHF, 1.) FXStreet on SNB&CHF, Featured, newsletter, USD/CHF

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