USD/CHF Moves to 0.9830-35 Important Juncture
Extending its bid tone for fourth straight trading session, the USD/CHF pair has now risen beyond 0.9800 handle to 0.9830, its highest level since mid-March.
The pair extended its near-term recovery trend from a multi-month low
level of 0.9444 touched earlier during the month and is now hovering
around an important moving averages (100 & 200-day SMAs) confluence
region near 0.9835-40 zone.
Investors on Wednesday will look forward to the minutes of the Fed's
meeting in April in order to determine the timing of next Fed rate-hike
move, which would eventually decide the near-term fate for the
greenback.
Even from technical perspective, the pair is trading at an important
juncture and hence, is either on the verge of a major break-out or is
about to mark an end to its near-term recovery trend.
Technical levels to watch
On a sustained move above 0.9835-40 confluence resistance, the pair
seems to immediately dart towards 0.9890 intermediate resistance and
might continue with its upward trajectory towards reclaiming parity mark
in the near-term.
Alternatively, reversal from current resistance zone would get confirmed
once the pair subsequently drops back below 0.9800-0.9780 immediate
support. Below 0.9800 level, the pair could immediately drop below
0.9750 intermediate support before heading towards its next major
support near 0.9725-20 area.
