USD/CHF is above 200-day MA
Despite the pin bar on the weekly chart, USD/CHF bulls seem quite determined to bring the pair higher. As EUR/USD goes lower, USD/CHF goes higher.
The pair closed above the 200-day MA (0.8973) for 2 consecutive days and now this level plays the role of support. We are on the verge from getting a positive intersection from the 55- and 100-day MAs. Hourly MAs are bullish.
At the moment of writing USD/CHF is trying to gain ground above 0.9000 and push through resistance at 0.9010. On the upside last week’s high at 0.9036 will provide resistance, though our targets are at 0.9050 (74.6% Fibo) and 0.9070 (55-week MA). The medium-term outlook will remain positive as long as USD/CHF is trading above 0.8870 (38.2% Fibo).
Banks are also bullish on USD/CHF: BNP Paribas targets $0.92, while Bank of America runs long from 0.8992 targeting 0.9266 and with stop at 0.8880.
Chart. Daily USD/CHF