USD/CHF Price Analysis: Justifies Monday’s Doji with mild gains above 0.9700

• USD/CHF carries recovery gains from 50-day SMA.
• Medium-term triangle’s resistance, 200-day SMA stand strong to check the bulls.
• Triangle support, monthly bottom add to the support.

USD/CHF prints mild gains of around 0.10% while flashing 0.9724 as a quote during the early Tuesday’s trading. In doing so, the pair extends its bounces off 50-day SMA while justifying the previous day’s Bullish candlestick formation.

Even so, the resistance line of an eight-week-old symmetrical triangle, around 0.9758/60, followed by a 200-day SMA level of 0.9787, become tough nuts to crack for the bulls.

In a case where the buyers dominate past-0.9787, April top near 0.9800 can validate further rise toward March monthly high close to 0.9900.

Meanwhile, a daily closing below 50-day SMA level of 0.9685 can fetch the quote back to the triangle’s support line, at 0.9625 now.

Though, the pair’s sustained fall below 0.9625 can quickly challenge the monthly bottom close to 0.9590/85.

USD/CHF daily chart

Trend: Sideways