USD/CHF Price Analysis: Bulls battle seven-week-old resistance near 0.9050

• USD/CHF stays on the front foot for third consecutive day, around three-week top.
• Descending trend line from mid-April tests bulls amid upbeat RSI.
• 200-day SMA adds to the upside filters, 61.8% Fibonacci retracement offers nearby support.

USD/CHF picks up bids to 0.9045, up 0.10% intraday, ahead of Friday’s European session. In doing so, the Swiss currency (CHF) pair buyers attack a multi-day-old falling trend line while keeping the previous day’s upside break of 61.8% Fibonacci retracement level of January-April upside.

Considering the upbeat RSI conditions, USD/CHF is likely to cross the stated trend line hurdle near 0.9050.

However, 200-day SMA and May 12-13 tops, respectively around 0.9070 and 0.9095, will probe the USD/CHF buyers ahead of directing them to the 50% Fibonacci retracement level close to 0.9115.

Meanwhile, pullback moves will need a daily closing below 61.8% Fibonacci retracement level of 0.9030 to recall the sellers targeting the 0.9000 psychological magnet.

Even so, a horizontal area comprising lows marked in late February and May, around 0.8930 will be a tough nut to crack for them.

USD/CHF daily chart

Trend: Bullish