USDCHF is craving for a close above the 20-day simple moving average (SMA) and more importantly beyond the 0.9027 resistance level, which has been capping bullish efforts for a couple of days now. The RSI and the MACD have yet to step into the bullish area but some progress is evident as the former seems to be making higher highs and higher lows towards its 50 neutral mark and the latter is deviating above its red signal line, raising the odds for a positive breakout in the price.
Should the pair snap the 0.9027 hurdle, the 200-day SMA, which coincides with the 23.6% Fibonacci of the latest downfall around 0.9070, could immediately block the way towards the 50-day SMA and the 38.2% Fibonacci of 0.9145. A steeper rally could open the door for the 50% Fibonacci of 0.9200.
On the flip side, a sharp move below the 0.8929 floor could confirm more losses towards the 0.8850 support area, while lower, the pair could seek shelter near the crucial zone of 0.8780. In brief, USDCHF could sail away from 3-month lows in the short term, with the confirmation coming above 0.9027.
