USD/CHF technical analysis: Under pressure between 0.9930/35 and 1-week-old support-line

• USD/CHF recently turned choppy inside a rising channel formation.
• 200-hour EMA adds to the pattern’s support.

The USD/CHF pair’s failure to rise past-0.9930/35 area, including early-month high, is less likely to portray its weakness unless breaking near-term support-line. The pair currently trades near 0.9920 by the press time heading into Wednesday’s European session.

In addition to the area between 0.9930/35 and 0.9900, the pair follows a fortnight old rising channel which could limit the momentum inside 0.9975-0.9845 region whereas in August month start increases the importance of resistance with the 200-bar exponential moving average (EMA) adding strength to the support.

If prices rally beyond 0.9975, 1.0000 round-figure and 1.0016/20 are likely figures to lure buyers.

On the contrary, the monthly bottom close to 0.9800 and 0.9770 could lure sellers on the downside break below 0.9845.

USD/CHF 4-hour chart

Trend: sideways