• USD/CHF is closing in on the key 100-day SMA, where it will probably encounter resistance. 
• The pair is in an established short and medium-term uptrend and the odds favor more upside to come. 

USD/CHF extends its uptrend from the late September lows and approaches resistance at the 100-day Simple Moving Average (SMA), currently situated at 0.8697. 

USD/CHF Daily Chart 

USD/CHF has now reached the target generated after it broke out of its September range, at 0.8680 – the 100% Fibonacci (Fib) extrapolation of the height of the range higher. This could signify that bullish pressure will lessen. 

A break above the 100-day SMA and the 0.8700 level could lead to a further extension to the 0.8750 resistance level (August 15 high). 

USD/CHF’s short and medium-term trends are bullish but its longer-term trend is probably still bearish despite the recent strong recovery.