USDCHF - Back on track

USDCHF (1H) - short term bullish bias

After a week-long consolidation between 0.9640 and 0.9740, the US dollar seems to be bottoming out. The latest bullish MA cross was followed up by a break above the key resistance level of 0.9740. This upward momentum has put the greenback on the path of recovery. We may expect the rally to go on to test the 20-day moving average at first, at around 0.9760. If buyers gather enough momentum, an extended rise could push the price towards the 30-day moving average near 0.9800.

Key support: 0.9700
Key resistance: 0.9760