Technical Analysis – USDCHF struggles at 200-day SMA
- USDCHF has been rallying since end of September
- MACD and RSI seem to be strongly positive
USDCHF is finding immediate strong resistance at the 200-day simple moving average (SMA) at 0.8816, recording a new three-and-a-half-month high. The momentum oscillators are confirming aggressive buying interest in the market, as the MACD is strengthening its movements above its trigger and zero lines, while the RSI is approaching the 70 level.
If the market successfully overcomes the 0.8825 restrictive region, then it may rally until the 0.9050 barricade.
Alternatively, a slip below the previous high of 0.8775 could send traders toward the 0.8710 support and the 20-day SMA at 0.8680. Even lower, the market could switch to neutral, touching the lows of 0.8615 and the 50-day SMA at 0.8580.
In a nutshell, USDCHF has been creating a strong bullish run since the end of September, and a rise beyond the 200-day SMA would endorse the positive scenario.
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