USD/CHF technical analysis: Bulls eyeing a move beyond 0.9946/47

• 100/200-day EMA confluence becomes the level to beat for USD/CHF buyers.
• A downside break of 0.9900 can recall sellers.

The USD/CHF pair’s bounce off the 38.2% Fibonacci retracement has a long way to please the bulls as key EMAs stand tall to challenge the uptick. The quote takes the bids to 0.9914 by the press time of prior to Wednesday’s European session.

The confluence region of 100 and 200-day exponential moving averages (EMAs) around 0.9946/47 becomes a tough nut to crack for buyers, a break of which can propel prices to June month top surrounding 1.0015/16 ahead of confronting 61.8% Fibonacci retracement of April – June downpour near 1.0030.

Alternatively, pair’s dip beneath 38.2% Fibonacci retracement level of 0.9900 is likely a call to sellers aiming 0.9850 and current month low around 0.9800.

USD/CHF daily chart

Trend: Bearish