While defending the rebound from the weekly support line, USD/CHF posts modest gains. The 13-day-old resistance line is the objective of a 200-HMA investigation of the run-up. MACD and RSI indicate that current movements to the north may continue. In its first weekly positive performance in three going into Thursday’s European session, USD/CHF gains up bids to 0.9420. The Swiss Franc pair also breaks the two-day downtrend as it grinds close to the intraday high.

The recent increase in the quotation may be explained by the frequent reversals of the ascending trend line that has been in place for one week.

The positive MACD signals and the stronger RSI (14) line, which is not overbought, further maintain the buyers’ optimism.

However, the USD/CHF pair’s rapid upward movement is restrained by the 200-HMA level at 0.9435.

A trend line with a negative slope from November 21 that was approximately 0.9500 at the time of the press run also serves as the short-term important resistance line.

If the USD/CHF bulls successfully maintain control above 0.9500, attention will turn to the peaks recorded on November 30 and November 21, which are located at 0.9550 and 0.9600, respectively.

On the other hand, pullback movements are still challenging to make beyond the aforementioned short-term support line, which is now approaching 0.9370. That is so, the USD/CHF pair’s immediate downside is constrained by the round number of 0.9400.

If the quotation remains unstable beyond 0.9370, it might challenge the lows from late March, which are around 0.9200.

Hourly chart for USD/CHF