USD/CHF technical analysis: Bearish MACD questions upside beyond 21/200-day EMA

Summary:
USD/CHF trades near the weekly top following a sustained break of the key resistance confluence. 50% Fibonacci retracement, multiple resistance lines on the buyers’ radar. On early Friday, the USD/CHF pair trades successfully above 21 and 200-day Exponential Moving Average (EMA) confluence while taking the bids to 0.9925. However, the bearish signal from 12-bar Moving Average Convergence and Divergence (MACD) raises doubts over the pair’s further upside. If not, 50% Fibonacci retracement level of April-August declines, at 0.9950, followed by three-week-old falling trend line, at 0.9965, could keep buyers in check. Should there be a price rally beyond 0.9965, a downward sloping resistance line since early May month, at 1.0000 round-figure, will be in the

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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