- USD/CHF prints the first daily gains in three within one-week-old rising wedge bearish chart pattern.
- 50-SMA adds strength to 0.8720–15 support amid bearish MACD signals.
- 200-SMA guards immediate upside ahead of nine-week-old descending resistance line.
- Multiple troughs marked since mid-July together constitute short-term key support near 0.8565-55.
USD/CHF grinds near the intraday high surrounding 0.8755 as it prints the first daily gain in three heading into Monday’s European session. In doing so, the Swiss Franc (CHF) pair extends the previous day’s rebound from the 50-SMA.
Despite the pair’s latest rebound from the 50-SMA, it portrays a fortnight-old rising wedge bearish chart formation, currently between 0.8715 and 0.8840.
However, the bearish MACD signals and the 200-SMA hurdle of 0.8790 restrict the immediate recovery of the USD/CHF pair.
Even if the USD/CHF bulls manage to cross the 0.8840 hurdle and defy the rising wedge bearish chart pattern, a downward-sloping resistance line from May 31, close to 0.8860 at the latest, will act as the last defense of the sellers.
Meanwhile, a clear downside break of the 0.8720–15 support confluence, encompassing the stated wedge’s lower line and the 50-SMA, will recall the USD/CHF bears
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