USD/CHF Price Analysis: Bulls await a sustained break through 100-DMA/descending trend-line confluence hurdle

• USD/CHF seemed struggling to capitalize on its move beyond 0.9700 mark.
• The technical set-up now supports prospects for an eventual bullish breakout.

The USD/CHF pair continued with its struggled to sustain/build on its momentum beyond the 0.9700 mark and seesawed between tepid gains/minor losses through the early North-American session.

The mentioned handle marks an important confluence barrier comprising of a four-week-old descending trend-line and 100-day SMA, which should act as a key pivotal point for short-term traders.

Meanwhile, technical indicators on hourly/daily charts have just managed to hold in the bullish territory, which now seems to support prospects for an eventual break through the said confluence hurdle.

Some follow-through buying beyond the overnight swing high, around the 0.9725-30 region, will reinforce the constructive outlook and set the stage for a move towards reclaiming the 0.9800 mark.

The latter coincides with the very important 200-day SMA, which if cleared might be seen as a fresh trigger for bullish traders and accelerate the momentum further towards the 0.9855-60 supply zone.

On the flip side, the 0.9660-55 region now seems to have emerged as immediate support, which if broken might prompt some technical selling and drag the pair back towards the 0.9600 mark.

USD/CHF daily chart

Technical levels to watch