USD/CHF Continues Upward Trend, Nears Key Resistance
The US Dollar/Swiss Franc (USD/CHF) pair has extended its upward trend from late September lows, approaching the 100-day Simple Moving Average (SMA) as a key resistance level.
A recent breakout from a September trading range has led to the current price level, which aligns with the 100% Fibonacci extrapolation of the range's height. This suggests that bullish momentum may be weakening.
However, a break above the 100-day SMA and the 0.8700 level could open the door for further gains, potentially reaching the 0.8750 resistance level.
While the short and medium-term trends are bullish, the longer-term trend for USD/CHF remains bearish despite the recent strong recovery.
Key Points:
- Upward Trend: USD/CHF has continued its upward trend from late September.
- Key Resistance: The 100-day SMA at 0.8697 is a key resistance level.
- Potential Upward Movement: A break above 0.8700 could lead to further gains.
- Long-Term Trend: The longer-term trend for USD/CHF remains bearish.