USD/CHF technical analysis: 1.0120/25 is the level to beat for bulls

• A successful of 1.0120/25 can validate the latest recovery.
• 50-day SMA acts as immediate support.

In spite of latest recovery from 1.0045/50, the USD/CHF pair still doesn’t show strength in momentum as it trades near 1.0085 during early Wednesday.

A horizontal area connecting March high to lows marked on May-start, at 1.0120/25, acts as immediate resistance for the pair to cross. In doing so, the quote may confront 1.0100 round-figure as an adjacent halt.

If prices rally past-1.0120, 1.0150, 1.0200 and 1.0240 might be aimed if holding long positions.

On the flipside, 50-day simple moving average (SMA) level of 1.0070 and a four-month-old ascending trend-line at 1.0030 could confine the pair’s declines ahead of highlighting 100-day SMA

level near 1.0000 psychological magnets.

In a case where the bears dominate past-1.0000, 61.8% Fibonacci retracement of January to April increase at 0.9915 and 0.9900 round-figure might entertain sellers.

USD/CHF daily chart

Trend: Pullback expected