USD/CHF Technical Analysis: Intraday bullish breakout above weekly trading range

   •  The pair extended overnight rebound from the 0.9900 neighborhood and finally broke through the weekly trading range resistance.

   •  Adding to this, a convincing move beyond 200-hour SMA further reinforces an intraday bullish breakout and thus paves the way for an extension of the positive momentum.

   •  However, RSI (14) on the 1-hourly chart has now moved into overbought territory and might hinder further up-move ahead of the advance US GDP growth figures.

USD/CHF 1-hourly chart

Spot rate: 0.9965
Daily Low: 0.9932
Trend: Bullish

Resistance
R1: 0.9979 (R2 daily pivot-point)
R2: 1.0000 (psychological mark)
R3: 1.0025 (horizontal zone)

Support
S1: 0.9932 (current day swing low)
S2: 0.9913 (S1 daily pivot-point)
S3: 0.9901 (weekly low set on Monday)