The USD/CHF pair is recorded USD/CHF A three-week winning streak, as it surpasses the 38.2% Fibonacci retracement levels for the first time in a year.
The 61.8% Fibonacci retracement levels and the September 2018 low act as key support areas.
USD/CHF rises USD/CHF to 0.9835 during the European pre-opening session on Wednesday. The pair is rising to the 38.2% Fibonacci retracement levels of the broad upward movement between February 2018 and April 2019. The pair's first rally in nine weeks is also supported by the MACD signal. MACD upwards.
Accordingly, buyers are once again targeting the 200-week SMA at 0.9850, while the falling trend line from April 2019, at 0.9940, could challenge the bulls afterwards.
If the USD/CHF price continues to strengthen USD/CHF Above 0.9940, chances of seeing the 1.0000 barrier on the chart cannot be ruled out.
Alternatively, sellers can target the 50% Fibonacci retracement levels at 0.9770/65 and around 0.9710 in the event of a pullback, before targeting the yearly bottom at 0.9612.
However, the 61.8% Fibonacci retracement levels and the September 2018 low near 0.9585 and 0.9540 respectively could challenge the bears in case of further declines.
USD/CHF pair USD/CHF, weekly chart