USD/CHF Price Analysis: Remains inside two-week-old rising channel above 200-bar SMA

• USD/CHF holds onto recovery gains inside a bullish technical formation.
• A monthly horizontal resistance adds to the upside barriers.
• The bears can refresh the monthly low on the break of 200-bar SMA.

USD/CHF remains on the front foot while taking rounds to 0.9760 during the pre-European session on Tuesday. In doing so, the quote follows a fortnight old ascending trend channel formation that stays above 200-bar SMA.

As a result, the monthly horizontal resistance line around 0.9800 is back in focus. However, the upper line of the said channel, at 0.9815, could probe the pair’s further upside.

If at all the bulls manage to dominate past-0.9815, the previous month top near 0.9900 will flash on their radars.

Alternatively, the aforementioned channel’s support and 200-bar SMA, respectively near 0.9715 and 0.9685, will check sellers during the pair’s fresh downside moves.

Though, the pair’s declines below 0.9685 might not hesitate to challenge the monthly bottom close to 0.9595.

USD/CHF four-hour chart

Trend: Bullish