USDCHF rose to a one-month high of 0.9542 today before easing off. The pair has now retraced more than 38.2% of the Fibonacci retracement of the downleg from March’s 1.0127 peak to May’s 0.9070 low. If USDCHF keeps up the positive momentum, the 61.8% Fibonacci retracement level at 0.9720 will be the next key resistance level.
With RSI holding steady above 50, a break above this resistance is possible and this would shift it firmly to a bullish outlook in the medium term.
But the 20-, 50- and 100-day moving averages crossing below the 200-day moving average signals some downside bias persists and if prices were to head lower, the 23.6% Fibonacci retracement level will be the next support at 0.9318, which also corresponds with the 20-day moving average.