USD/CHF Price Analysis: A fortnight-old resistance trendline check the recovery moves

• USD/CHF struggles to extend the run-up after breaking the monthly resistance line.
• Sellers will look for entry below the three-week-old support line.
• 61.8% Fibonacci retracement adds to the resistance.

USD/CHF fails to justify the break of monthly resistance line, now support, while trading around 0.9700 ahead of Wednesday’s Asian session.

The reason could be traced from the pair’s inability to cross a horizontal line since April 07, 2020, around 0.9730.

In addition to the said resistance line, 61.8% Fibonacci retracement of late-March fall, close to 0.9750, will also probe the buyers.

On the downside, an upward sloping trend line from March-end low, near 0.9635, restricts the pair’s short-term declines ahead of the mid-April lows near 0.9595.

USD/CHF four-hour chart

Trend: Pullback expected