USD/CHF Technical Analysis: Intraday bullish run-up pauses ahead of a confluence resistance

   •  The pair caught some strong bids on Tuesday and rallied hard, back closer to the very important 200-day SMA support break-point, now turned resistance near mid-0.9700s.

   •  The mentioned hurdle coincides with 23.6% Fibonacci retracement level of the 1.0068-0.9652 recent downfall and thus, becomes a key trigger for any further positive momentum. 

   •  Should the pair fail to break through the mentioned barrier, the ongoing up-move would be categorized as a short-covering bounce and runs the risk of being sold into. 

USD/CHF daily chart

Spot Rate: 0.9733
Daily Low: 0.9687
Daily High: 0.9745
Trend: Bullish above mid-0.9700s

Resistance
R1: 0.9748 (confluence region)
R2: 0.9772 (10-day SMA)
R3: 0.9800 (nearing 38.2% Fibo. level)

Support
S1: 0.9700 (round figure mark)
S2: 0.9681 (S1 daily pivot-point)
S3: 0.9652 (4-1/2 month low set last Friday)