USD/CHF Closing in On 200SMA

The USD/CHF exchange rate has been going up for the last couple of months from a low of 0.92 to a high of 0.9630. The currency pair is in an unbroken uptrend already past the 50- and the 100-SMA and is now closing in on the 200-SMA at 0.9660.

By technical indications it looks like the pair will reach the target this week. If this happens, we could see a reversal from the uptrend thus turning the direction of the pair in the other way with first bear target at 0.9520.

If the US bulls are strong enough to break through the resistance at 0.9660 we could see a renewed optimism in the market with major bull target at 0.9820.

Chart: USD/CHF D1