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USD/CHF rebounds after testing 50-day SMA, targets 0.8135

The pair is up 0.82% to 0.7960 and needs a break above 0.8135 to keep the bullish path toward 0.8200 in play.

Reported · Written up by our desk · Major Pairs

FXStreet reports USD/CHF has rebounded after testing the 50-day Simple Moving Average at 0.7866 and the bottom trendline of a bearish flag.

The pair is trading around 0.7960 near the day’s highs, up 0.82%, with the technical picture described as neutral to upward-biased as momentum favors buyers, reflected by an RSI above the 50 level and rising.

For a bullish continuation, USD/CHF must surpass August’s 17 high at 0.8135, which would open the way to challenge the bearish flag’s top trendline and potentially push toward 0.8200, then 0.8207.

On the downside, FXStreet says that failing to clear 0.8135 and closing below 0.8100 could intensify a move back toward the 50-day SMA at 0.8084, with further weakness potentially targeting 0.8049 and 0.8000.

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