USD/CHF Bulls Defend Key Support Level Amid Ongoing Uptrend

The USD/CHF exchange rate rebounded recently, reaffirming its upward trend. According to market analysis, as long as spot prices remain above the 50-day SMA and the July 10 cycle low of 0.8010, the uptrend is likely to continue.

The Relative Strength Index (RSI) is turning bearish, but aiming upwards, suggesting a potential recovery may be on the cards. This, combined with price action confirming the uptrend, indicates that further upside is the most likely path for the USD/CHF exchange rate.

To resume a bullish trend, the USD/CHF must break above 0.8100. If this level is surpassed, the next target will be the high of July 30 at 0.8175, followed by 0.8200. A convincing break through these levels could put the yearly high of 0.8207 within reach.

If the price moves below the 50-day SMA and 0.8010, it would signal a potential break of 0.8000, which could disrupt the bullish market structure and lead to further declines. The next support levels are the 100-day SMA at 0.7952 and the 200-day SMA at 0.7927.