USDCHF is currently facing resistance at its 50-day simple moving average (SMA), after its late November pullback. However, the long-term prospects for the pair remain cautiously bullish amid successive higher lows.
Short-term momentum indicators on the other hand, are supporting a negative bias, as the RSI is located below its 50 neutral mark. The MACD is found under its red signal line and is looking ready to cross below zero, which could be another sign of strengthening negative momentum.
Should the price break above its 50-day SMA currently at 0.9215, a positive bias could resurface, sending the price to test the 0.9272 barrier. Surpassing the latter could open the door towards the 0.9370 obstacle before the bulls shift their attention towards the 0.9472 resistance.
On the flip side, if the bears resurface, initial support might be found at the region which consists of the 200-day SMA currently at 0.9176, and the 0.9157 barrier. A break below that area could pressure the price towards the uptrend line drawn from the January lows. Crossing below this crucial point could turn the fortunes around for the pair, paving the way towards the 0.9084 obstacle.
In brief, despite the negative bias, the long-term outlook for the pair is cautiously bullish. For sentiment to change, the bears would need to break below the uptrend line.
