• USD/CHF pares intraday losses inside a 40-pip weekly trading range.
• Firmer Momentum line, multiple supports keep buyers hopeful.

USD/CHF picks up bids to trim intraday losses around 0.9245 ahead of Wednesday’s European session.

In doing so, the Swiss currency pair remains firmer on a weekly basis while staying inside a one-week-old trading area.

That said, the quote’s latest rebound eyes the stated range’s upper line, around 0.9260 but any further upside will be challenged by multiple lows marked during late January around 0.9300.

Should the USD/CHF prices rally beyond 0.9300, a run-up towards the last month’s peak of 0.9343 can’t be ruled out.

Alternatively, an upward sloping trend line from January 24 joins the aforementioned range’s lower line to highlights 0.9225 as the short-term key support.

Following that, 100-SMA and 200-SMA, respectively near 0.9215 and 0.9190, will challenge the USD/CHF pair.

Also acting as a downside filter is the monthly low near 0.9180-75.

To sum up, the gradually rising Momentum line and multiple challenges for the USD/CHF bears make it easier for the bulls to keep reins.

USD/CHF: Four-hour chart

Trend: Further recovery expected