USD/CHF technical analysis: Forms a temporary base near 200-hour SMA/50% Fibo. confluence region

   •  The USD/CHF pair failed to capitalize on its intraday positive move and remained capped below the overnight swing high, albeit seemed to form a base near 200-hour SMA.

   •  The mentioned support coincides with 50% Fibonacci retracement level of the 1.0008-1.0063 recent up-move and should now act as a key pivotal point for intraday traders.

Meanwhile, technical indicators on the 1-hourly chart have again started gaining positive traction and support prospects for a further appreciating move, though maintained their bearish bias on 4-hourly/daily charts and suggest selling pressure at higher levels.

Hence, it would be prudent to wait for a sustained move beyond 23.6% Fibo. level, around mid-1.0000s, before traders start positioning for an extension of the positive momentum towards the 1.0080-85 horizontal resistance en-route the 1.0100 round figure mark.

USD/CHF 1-hourly chart