• USD/CHF picks up bids to reverse Friday’s pullback from a four-month-old horizontal resistance area.
• Sustained trading beyond 100-DMA, bullish MACD signals favor buyers.
• Sellers need to conquer three-week-old support line for fresh entries.

USD/CHF picks up bids to refresh intraday high near 0.9830-35 during early Monday morning in Europe. In doing so, the Swiss currency (CHF) pair approaches a horizontal region comprising multiple hurdles marked since early May those have been pushing back the bulls of late.

It’s worth noting that the USD/CHF pair’s successful trading above the 100-DMA and a three-week-long upward sloping support line joins bullish MACD signals to keep the pair buyers hopeful.

Even so, the 0.9860-70 area appears a tough nut to crack for the bulls to aim for the 0.9900 threshold. Also acting as an important resistance is the 1.0000 psychological magnet, as well as the yearly high of 1.0064.

Alternatively, pullback moves may initially aim for the aforementioned support line, at 0.9755 by the press time ahead of the 100-DMA support near 0.9685.

The early August swing highs near 0.9650 also act as a downside filter before directing the USD/CHF bears towards the previous monthly trough surrounding 0.9370.

To sum up, USD/CHF is likely to remain on the bull’s radar but the upside momentum needs validation from 0.9370.

USD/CHF: Daily chart

Trend: Further upside expected