USD/CHF Price Analysis: Carries reversal from weekly support line towards 0.9700

• USD/CHF buyers keep the upside momentum intact, though at a lesser pace.
• A confluence of a three-week-old falling trend line, 23.6% Fibonacci retracement will question recovery moves.
• The bears can aim for the monthly low after breaking nearby support trend line.

USD/CHF rises so 0.9685, gains 0.03% on a day, during the pre-European session on Thursday.

The pair bounced off a one-week-old support line the previous day, which in turn propels the buyers towards 0.9700 round-figure.

Though, a confluence of a three-week-old falling trend line and 23.6% Fibonacci retracement of March month upside, around 0.9730, followed by a 200-day SMA level of 0.9785, could challenge the bulls then after.

Meanwhile, a daily closing below 0.9650 support line can push sellers to recall 0.9600 round-figure whereas monthly low near 0.9590/85 may limit the additional downside of the pair.

USD/CHF daily chart

Trend: Sideways