USD/CHF picks up bids to refresh one-week high around 0.9685, after crossing the 100-DMA and a downward sloping resistance line from mid-June, during Monday’s Asian session.
Given the firmer RSI (14), not overbought, as well as the bullish MACD signals, the USD/CHF upside is likely to set for refreshing the monthly high, currently around 0.9695.
In doing so, the Swiss currency (CHF) pair may aim for the 0.9700 threshold before challenging the 50% Fibonacci retracement of the June-August downside, near 0.9715.
Following that, the USD/CHF bulls could aim for the 61.8% Fibonacci retracement level near 0.9795, as well as the 0.9800 round figure, before challenging the previous monthly peak of 0.9885.
Meanwhile, the 100-DMA and the resistance-turned-support line from June could restrict the short-term downside of the pair to around 0.9665 and 0.9640 respectively. Also acting as the downside filter is the 50-DMA support near 0.9620.
In a case where the USD/CHF prices drop below the 50-DMA, the latest swing low of around 0.9575 could lure the bears.
Overall, USD/CHF buyers are likely to keep the reins but the upside momentum may appear slow.

Trend: Further upside expected
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