• USD/CHF remains mildly bid while keeping the week-start rebound from short-term key EMA.
• Strong RSI hints at another attempt to cross 0.9375 hurdle, 50% Fibonacci retracement will test bears below 21-day EMA.

USD/CHF picks up bids to renew intraday high around 0.9337 during Wednesday’s Asian session.

That said, the Swiss currency (CHF) pair portrayed a volatile move on Tuesday with an initial run-up to 0.9373 before ending the day on a negative note around 0.9330.

Even so, the quote holds onto Monday’s U-turn from the 21-day EMA amid firmer RSI conditions, not overbought, which in turn signals further upside for the USD/CHF prices.

Hence, the 23.6% Fibonacci retracement (Fibo.) of January-March advances, near 0.9375, lure short-term buyers ahead of the monthly peak of 0.9460.

It should be noted that the 0.9400 threshold will act as an intermediate halt during the rise.

On the contrary, a daily close below the 21-day EMA level near 0.9300 will recall the USD/CHF bears.

Following that, the 50% Fibonacci retracement level surrounding 0.9275 and 61.8% Fibo. of 0.9232 will test the downside momentum ahead of the key support line from January, near 0.9180 at the latest.

USD/CHF: Daily chart

Trend: Further upside expected