Pullback remains elusive beyond 0.9620-15 support confluence

• USD/CHF prints mild losses around five-week high, snaps two-day uptrend.
• Convergence of 50-DMA, previous resistance from June and support of ascending triangle challenges bears.
• Multiple hurdles prevail to test buyers, sellers won’t hesitate to poke 200-DMA on breaking 0.9615.

USD/CHF holds onto the early Asian session’s bearish moves while snapping a two-day uptrend around the monthly high. In doing so, the Swiss currency (CHF) pair remains inside a short-term ascending triangle formation.

Given the RSI retreat, USD/CHF buyers appear to have run out of steam, which in turn favors the quote’s latest weakness towards the key 0.9620-15 support confluence, including the 50-DMA, previous resistance from June and the support line of the monthly ascending triangle.

In a case where USD/CHF breaks the 0.9615 support convergence, the pair’s south-run towards the 200-DMA support near 0.9450, as well as the monthly low of .9370 can’t be ruled out.

On the flip side, the pair’s further upside needs to defy the aforementioned triangle formation between 0.9710 and 0.9615.

Following that, a gradual upward trajectory towards the highs marked during July and June, respectively around 0.9885 and 1.0050, could entertain the USD/CHF buyers.

It should be observed that the 1.0000 psychological magnet could act as an extra filter to the north.

USD/CHF: Daily chart

Trend: Short-term pullback expected